Kuwait: Selected Issues

IMF Staff Country Reports, December 9, 2024

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Kuwait: Selected Issues

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Bibliographic details

• Published: December 9, 2024
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400295331.002

Summary findings

• Emphasizes the need for accelerating reforms in governance, regulatory quality, external sector, labor market, and credit market to drive non-oil growth and bolster economic resilience in Kuwait.
• Notes that Kuwait's national development efforts, driven by Kuwait Vision 2035 and successive plans from 2010 to 2020, have helped narrow structural gaps, setting a foundation for economic diversification and resilience.
• Concludes that closing the gaps in first-generation reforms presents Kuwait with substantial low hanging fruit, setting the groundwork for impactful labor market reforms.

Empirical results

• Reforms aimed at improving the regulatory quality and governance yield the highest non-oil output gains, with increasing magnitudes over the medium term.
• Findings indicate that adopting a strategic sequencing of reforms amplifies non-oil growth dividends.

Policy recommendations and sequencing

• Prioritize first-generation reforms:
  • Improving governance and regulatory quality.
  • Enhancing trade facilitation to open up the external sector.
• Follow with second-stage reforms:
  • Labor market reforms.
  • Credit market reforms.
• Rationale:
  • Prioritizing first-generation reforms amplifies initial non-oil growth dividends and creates a stronger foundation for subsequent labor and credit market reforms.

Publication and metadata

• Title: Kuwait: Selected Issues
• Date: December 9, 2024
• Pages: 13
• Volume: 2024
• Issue: 329
• Series: Country Report No. 2024/329
• DOI: https://doi.org/10.5089/9798400295331.002
• Stock No: 1KWTEA2024002
• ISBN: 9798400295331
• ISSN: 1934-7685
• Subject keywords: Labor, Labor market reforms, Labor markets, Macrostructural analysis, Structural reforms
• Keywords: D. policy consideration, development indicators in Kuwait, generation Reform gap, Global, governance indicator, Labor market reforms, Labor markets, policy option, reform package, reform prioritization, Structural reforms, trade facilitation performance

International Monetary Fund. Middle East and Central Asia Dept. "Kuwait: Selected Issues", IMF Staff Country Reports 2024, 329 (2024).

Content in this bundle

• Kuwait: Selected Issues; IMF Country Report No. 24/329; November 19, 2024
  • Kuwait: Selected Issues; IMF Country Report No. 24/329; November 19, 2024 (Markdown version)
  • Kuwait: Selected Issues; IMF Country Report No. 24/329; November 19, 2024 (PDF)