After reaping the benefits of surging oil prices in the immediate wake of Russia’s invasion of Ukraine, Kuwaiti finances reverted to the mean in 2023, as lower prices and production dragged its economy back into the doldrums.
With a contraction in gross domestic product in 2023 set to be followed by a further decline this year, the country remains hamstrung by a fractious political environment and stalled reform agenda that continues to hold back its long-term development goals.
