Kuwait

Country Overview

The reign of Kuwait is a small country (17.800 square km) compressed between Iraq and Saudi Arab, with 2.6 million citizens, 40% of which immigrated in recent years, attracted from labor availability. The country was part of British Empire until the independence found in the 1961 and is a constitutional monarchy.

The Kuwait crude oil reserves are about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. While others countries of the area are committed to diversify economy since years, Kuwait hesitated before putting in place a plan in this direction and remains strongly influenced by crude oil international price oscillations.

However, in 2010, the Kuwait Government introduced a five years industrial plan that pledges to spend up to $130 billion to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.

In the 2011, the Kuwait GDP was at US$ 150 billion, the world's 60th, growing 5.7%, up 2.3 points from previous year. The pro capita revenue was $ 40.700, but revenues are heavily concentrated in few families. Unemployment rate was at 2.2% and the country is attracting labor force from all the South Asian area.