Kuwait is a mixed economy type with one of the highest per capita incomes globally. Post-war, the country was left reeling from the effects of the war, but much recovery has been made since. To achieve a free economy status, the country is still far away but having stability is an achievement considering the state it was left in after the war. The Kuwait economy, much like other Persian countries was primarily based on the petroleum industry but the country has long since made reform and distributed focus on other developing sectors to deflect from the disadvantages of sole reliance, but a significant secondary revenue contributor is yet to rise.
Amidst this ongoing economical distribution work, the arrival of Covid-19 has shaken the Kuwaiti economy. The crash in oil prices pushed the government to resort to loans but the lack of majority parliament decision is holding the decision back. Finally, the last resort to tap into the wealth fund has been taken up and the situation is serious in Kuwait. To begin with, Kuwait has a high per capita income and has enjoyed the status of a rich country for many years but 2019 witnessed some decline and the pandemic caused even further problems in 2020. But the good news is that IMF has estimated the growth rise to get back at 3.4% in 2021 and a brighter outlook for the country.
But apart from oil, Kuwait has been focusing on other sectors in its new development plan that aimed completion in 2035, before the pandemic arrived in the country. One of the major focus under this plan is the adoption of technology which will open opportunities in the marketplace and attract start-up culture in the country. The IT sector is also a major area of interest in terms of government integration. While many countries look at the ICT sector as a potential new channel for cybersecurity and artificial intelligence, the Kuwait development plan is looking to utilize the sector toward e-government. The movement towards digital transactions was already in place before 2020 while the government was quickly adopting 5G to accelerate its plans to become a communications and business hub of the region. This is one of the reasons that despite the problematic conditions faced by Kuwait, the growth recovery in the coming years out to be significant.
Meanwhile, as the country rushed forward to achieve its IT goals, Oxtrys is here to provide all the necessary services like server, storage, infrastructure and much more which helps in hassle-free focus on the expansion and development part of the plan.