2024 Kuwait real GDP growth revised to 2.8% by World Bank, with IMF predicting 1.4% contraction if oil cuts persist.
The World Bank revised Kuwait's 2024 real GDP growth to 2.8% from 2.6%, expecting OPEC+ production cuts to phase out. However, the IMF predicts a 1.4% contraction if oil production cuts continue, making Kuwait the only GCC economy to contract in 2024. The IMF also revised GCC's 2024 real GDP growth to 2.4% from 3.7%, with growth projected to rebound to 4.9% in 2025 due to non-oil economic activity and hydrocarbon production.
May 05, 2024
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