World Economy

Kuwait Heading for Reforms

Kuwait Heading for ReformsKuwait Heading for Reforms

Among the Persian Gulf nations, Kuwait is showing the most serious intent to introduce far-reaching economic reforms in the aftermath of the sustained oil price drops. Gulfnews reports.  Kuwait happens to be uniquely dependent on the oil sector for the well-being of its economy. The petroleum sector at large contributes around 90% of the treasury income, 85% of the state’s exports and 40% of gross domestic product. Among other measures, the authorities are exploring the idea of privatizing the co-op society stores. Such a development would be extraordinary as the more than 50 co-op department stores control about 70% of total retail activities in Kuwait, certainly a substantial share.