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World Bank: Kuwait most dependent on oil revenues among world countries

July 4, 2020 at 2:13 pm

Headquarters of the Kuwait Petroleum Corporation (KPC), 25 March 2020 [radiant guy/Wikimedia]

The Gulf state of Kuwait is the most dependent on revenues of fossil oil among the world countries, a recent report issued by the World Bank revealed, according to The New Khalij on Friday.

The report, which was published by local Kuwaiti media, confirmed that Kuwait’s oil revenues make up more than 80 per cent of the total income of the country, compared with only eight per cent from other sources.

Meanwhile, the report indicated that the countries which depend on fossil oil are facing challenges because they are highly affected by climate change.

Last month, the World Bank expected a contraction of the Kuwaiti economy by 5.4 per cent during 2020, due to the coronavirus and the decline of oil prices.

The World Bank predicted that the Kuwaiti economy would be the most affected among the economies of the other Gulf States, followed by Bahrain, the United Arab Emirates, Oman, Saudi Arabia and Qatar.

Read: Kuwait considers cutting subsidies for citizens to save money