Kuwait’s banks began 2020 in a quietly confident mood. Despite a slowdown in the country’s economic growth in 2019, gross domestic product (GDP) was predicted to recover well in the new year. Banks’ profitability, capital adequacy and asset quality had all shown improvements in the past year, with the prospect of further strengthening in 2020.
Meanwhile, the government’s renewed commitment to infrastructure spending – under the umbrella of its Kuwait Vision 2035 economic transformation plan – presented the prospect of a healthy growth in credit, following an easing of restrictions on personal lending in late 2018.
