Kuwait

A powerhouse in the global oil and natural gas markets, Kuwait controls respectively about 7% and 1% of the world’s reserves, accounting together for more than half of the country’s GDP and over 90% of its export revenues. 

To diversify its economy, the government has launched the Vision 2035 project, which aims to reduce Kuwait’s dependence on hydrocarbon revenues and create a hub for finance and commerce. To that end, Kuwait has taken steps to improve its business environment and regulatory framework, but the lack of deeper financial and social reforms has slowed the pace of progress. The nation’s heavy reliance on imported goods and services poses an additional challenge.