Since the 1990s, Kuwait has been working to diversify its economy away from its reliance on oil exports, with mixed results. The country‘s economy was severely impacted by the global financial crisis in 2008 but has since rebounded and is now growing steadily.
The State of Kuwait is a sovereign Arab emirate situated in the northeastern corner of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south, Iraq to the north, and the Persian Gulf to the east. As of 2016, Kuwait has a population of 4.2 million people; 1.3 million of these are Kuwaitis and 2.9 million are expatriates.
Kuwait‘s economy is petroleum–based; the country has the fourth–largest proven reserves of crude oil in the world. The Kuwaiti dinar is the highest–valued unit of currency in the world.
Kuwait‘s economy is still quite reliant on oil, however, and the government is working to attract foreign investment and diversify the economy further. The country has a large trade surplus, due in large part to its oil exports. Kuwait is also a member of the World Trade Organization (WTO) and the Gulf Cooperation Council (GCC).
The Kuwaiti government has been working to improve the country‘s infrastructure and business environment in order to attract more foreign investment. In recent years, Kuwait has made progress in reforming its business laws and regulations. However, the country still faces challenges in areas such as labor market reform, women‘s empowerment, and combating corruption.
