Local lenders are now experiencing a period of fiscal recuperation in 2022, following the global coronavirus pandemic and the corresponding slump in oil prices that rocked Kuwait’s economy.
With the more or less complete reopening of the domestic economy in February — following a brief Omicron scare — and Russia’s invasion of Ukraine, the rise in the country’s oil revenues to 14-year highs augurs well for the economy, raising the prospect of higher consumer confidence and government spending, which will provide a boost for retail and corporate lending.