## Kuwait: 2020 Article IV Consultation-Press Release; Staff Report; and Staff Supplement

_IMF Staff Country Reports, March 30, 2020_

## Source details

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## Bibliographic details
- Published: March 30, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513538563.002

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### Growth and macro outlook
- Non-oil growth strengthened to estimated 3 percent in 2019, propelled by government and consumer spending.
- The subdued forecast for oil revenues is weighing on near-term growth and fiscal and external balances.
- Sustaining reforms to foster private sector-led and diversified growth will be critical given limited scope for public employment going forward.

### Fiscal policy and oil revenue management
- The challenge to reduce dependence on oil and boost savings has become more urgent.
- Embedding fiscal measures in a comprehensive reform package that promotes private sector growth, strengthens governance and accountability, and improves public services would help build broad support for reforms.
- A rules-based fiscal framework would improve management of oil revenues.
- A rule-based framework would help anchor fiscal policy on a long-term objective of intergenerational equity.
- The framework should include a well-calibrated operational rule that helps reconcile long-term savings and near-term economic stabilization objectives.

### Financial sector and inclusion
- Financial sector reforms should focus on bolstering resilience and deepening inclusion.

### Structural reforms and labor market
- With limited scope for public employment going forward, a vibrant private sector must emerge to absorb the large number of Kuwaitis entering the labor market in coming years.
- Policies to promote private sector growth and diversification are emphasized as essential to long-term stability and employment.

*Source: Kuwait: 2020 Article IV Consultation-Press Release; Staff Report; and Staff Supplement.*

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_Source: https://www.imf.org/en/publications/cr/issues/2020/03/27/kuwait-2020-article-iv-consultation-press-release-staff-report-and-staff-supplement-49294_