Key View

• We hold a generally positive outlook for the Kuwaiti consumer spending in 2023 as relatively strong oil prices support export revenues. At present, we envisage consumer spending growth of 4.4% in 2023, down from 5.2% in 2022 a soil prices stabilise and the Q422 OPEC+ oil production cuts limit export revenue growth.
• Economic activity

Key view:

• We forecast Kuwait’s refined fuel production to grow by 35.0% y-o-y in 2023 as we expect output at the new Al Zour mega refinery to gradually ramp up over the course of 2023 and 2024.
• In turn, this will see Kuwait’s exports of refined fuels more than treble by 2024 at the expense of lesser crude oil exports.
• Kuwait is set to ramp

Key View

• At Fitch Solutions we believe the latest Kuwaiti Cabinet resignation further underpins Kuwait’s weak policymaking, captured by its low score of 58.3 on the policymaking component of our STPRI against an average of 80.7 in the GCC.
• While it is unclear whether the Crown Prince will accept the resignation at this point, the latest event

Key View

• Kuwait’s historic reliance on paper-based health records has left it exposed to inefficiencies in its healthcare system, but an EHR implementation will counter some of these risks.
• The country is committed to digital transformation as part of Kuwait’s Vision 2035 plan.
• EHR implementation over the short-to-medium term will be limited

Key view: Fruit and vegetable drinks spending in Kuwait will overtake that of the carbonated drinks segment by 2025, as government initiatives and legislation rapidly change the narrative on carbonated drinks. The prevalence of obesity and cardiovascular diseases in the Kuwaiti population is the main driver behind this trend. As a result

Key View

• Kuwait will further expedite medicine imports to ensure regular access to pharmaceuticals.
• The pharmaceutical market in Kuwait will continue to be disrupted by geopolitical and industry-specific variables.
• We at Fitch Solutions have the view that structural issues in Kuwait will continue to limit pharmaceutical sales growth.

Kuwai

Key View

• We at Fitch Solutions forecast that the Central Bank of Kuwait (CBK) will increase its policy rate from 2.75% currently to 3.50% by the end 2022.
• Stubbornly elevated inflation and rising pressures on the dinar will prompt authorities to hike by the same amount as the US Federal Reserve in coming months after having adopted a more

Key View: The expansion of Alghanim Industries’ furniture and interiors retailer, Safat Home, points towards a level of opportunity in Kuwait’s household goods market. Real gains in income in 2021 and 2022 push home-conscious consumers to update and renew their home furnishings among other household purchases. High per capita income and large

Key View

• We have a positive outlook for consumer spending in 2022 and 2023, with real household spending forecast to grow 6.8% y-o-y and 2.6% y-o-y respectively. This growth in spending will mainly be supported by the lifting of Covid-19 related restrictions and elevated oil prices, keeping unemployment low and stable.
• The most recent high

Key View

• At Fitch Solutions we anticipate that political risk in Kuwait will remain elevated in the short term following the dissolution of parliament by the Crown Prince.
• We thus decided to keep the Short-Term Political Risk Index score unchanged at 76.7 out of 100.
• Political gridlock will keep weighing on the country’s ability to pass key