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Kuwaiti banks bounce back as economy recovers

Higher oil prices and an end to most coronavirus restrictions point to a rosy year ahead for local lenders, with new digital entrants set to raise fresh questions about consolidation.
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Kuwaiti banks bounce back as economy recovers

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.

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John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
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