IMF deputy managing director says Kuwait non-oil growth will accelerate

Deputy IMF managing director Min Zhu said on 1 May that Kuwait’s non-oil GDP growth is expected to accelerate to 3.9 per cent in 2014 from 2.7 per cent last year.

Zhu was speaking following a visit to Kuwait on 30 April-1 May for a conference about economic development and diversification co-hosted by the IMF.

Zhu said that Kuwait’s fiscal surplus would remain at 29 per cent of GDP.

“The banking system remains sound and resilient to shocks,” Zhu said. “However, structural reforms to improve the business environment, governance and insitutional and policy-making frameworks are required to make progress on economic diversification.”

Zhu said incentives to encourage the employment of nationals in private, non-oil sectors would require containing the growth in public sector wages and jobs.

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The 2nd MEED Kuwait Energy & Water Efficiency conference is on 3-4 June.