Kuwait sees liquidity levels at highest since 1970s
A recent report issued by the National Bank of Kuwait (NBK) stated that a second straight year of soaring oil prices have provided Kuwait with levels of liquidity not experienced by the country since the 1970s.
The report added that budget revenues had jumped as a result, as well as consumer confidence and optimism, according to <i>KUNA</i>.
Furthermore, employment growth was pushed to its highest level in the past ten years, with hiring of Kuwaiti nationals and professional expatriates on the rise.
In addition, the Kuwaiti government demonstrated expansionary spending at rates not witnessed since the period following 1990 when Kuwait invested in reconstruction projects following its invasion by Iraq.
Appetite for credit also remained strong, with consumer and housing finance growing faster than other credit facilities.
Meanwhile, private sector activity benefited from government procurement and contracts, while business investment remained strong with high liquidity and profitability supporting the expansion of key industries.
The report added that the current trend is expected to continue in the future, with geopolitical developments, liberalization and general reforms added to the positive outlook.