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Get to Know About Kuwait
Kuwait is a state in Western Asia situated in the northwestern corner of the Persian Gulf. It is a small nation lying between Iraq and Saudi Arabia. A large part of the country is desert except for Al-Zahra oasis at the western end of Kuwait Bay. The capital city is Kuwait City.
Kuwait’s population constitutes a variety of ethnic groups with only 40 percent being Kuwaitis and 35 percent constituting people from the surrounding Middle Eastern nations of Palestine, Egypt, Saudi Arabia, Jordan, and Lebanon. The official language is Arabic. The population is estimated to be approximately 4.5 million inhabitants.
Kuwait boosts as one of the rich nations in the Gulf region, which enjoys a very high per capita income. The economic growth rate is projected to grow by 4.1 percent for both 2019 and 2020. Kuwait’s economy is predominately driven by the oil industry (50 percent of the GDP), with the public sector dominating the economy. Doing business in Kuwait continues to improve as the business environment remains competitive; however, political obstacles to structural reforms are of huge concern. Again, its locality in a region of geopolitical friction, especially concerning its proximity to Iran and Iraq curtails some levels of investor confidence.
Following the growth of the service sector (telecommunication) and the manufacturing industry, doing business in Kuwait looks promising. Similarly, the accessibility of finances and the diversion of spending on consumer goods have greatly boosted household investment.