Global indexes mirror Kuwait’s tangible progress at various levels
International indices have shown the State of Kuwait’s progress in various sectors thus bringing into the limelight the government’s successful steps regarding economic and financial reforms.
The government’s rapid steps to achieve actual development at diverse levels and enhance its ranking in the eyes of the international quarters is seen in its 2024-25 development scheme, inspired from the 2023 neo Kuwait vision.
Its development plans aim at elevating its classification in the economic and administrative indexes, also related to transparency and integrity, and the highest form possible of progress.
According to a report released by the Secretariat General of the Supreme Council of Planning and Development, the main indexes of the Kuwaiti economy between 2023 and 2024 made progress as compared to the previous period. Kuwait ranked 35th among 163 states in the Global Peace Index (GPI) in 2023, improving by four tanks as compared to 2022.
In the Gender Gap Index (2023), Kuwait came in the 120th status among 146 countries and in the Financial Index, it was in the 82nd among 132 states.
In the Corruption Perceptions Index (2023), the report by the supreme council showed that Kuwait came 63rd among 180 countries and maintained its 69th point among 193 with respect of the Government Al (artificial intelligence) Readiness (2023.
As to the Index of Economic Freedom (2024), it ranked 13th among 143 states and 49th among 193 in the Human Development Index (HDI).
For the second year in a row, Kuwait came top in the Global Communication and Information Technology Development Index (2024) released by the International Telecommunication Union (ITU), an achievement that would provide greater confidence for external investors, help in creating new jobs and boost expertise transfer.
Moreover, Kuwait ranked 37th at the international level for administrative development, according to the 2024 Global Competitiveness Index released by the International Institute for Management Development (IMD).
The index that measures competiveness of 67 states is based on 335 sub-indices partly showing that the Kuwait Government has moved forward by four points in terms of efficiency.
Regarding the Global Infrastructure Index (GII), Kuwait moved forward by three points, ranking 46th. As to the Global Knowledge Index (2023), it came 44th improving by three points compared to the previous year.
The GKI assesses pre-university education, technological and vocational teaching, higher education, research and development, innovation, IT, communications, economy and empowerment environments.
Other international indexes that showed Kuwait’s concrete progress in various realms was the Global Index on Investment Insurance where it came fourth at the Arab level and 41st at the international level (2023).
The Kuwaiti Government’s 2024-2025 development plan aims at improving the country’s status in global indices to be among the first 35 ones by 2035.
The State of Kuwait made noticeable progress, over the past years, at the administrative and technical levels, data gathering, swap and dissemination thus enabling it to release credible, regular and substantiated statements on various issues.
The positive ripples were sensed by the World Bank that forecast economic recovery in 2024 while the international classification agencies drew a bullish outlook for Kuwait. On Friday, Fitch placed Kuwait at the AA- level with a stable outlook.
According to the Central Bank of Kuwait, Fitch’s lifting of Kuwait’s rank signalled the state’s ability to cope with financial challenges in the long term. Namely, executing a plan to stem the budget deficit and cope with projected fall of the oil prices, in addition to the adoption of a transparent government and sustainable financial strategy.
Source: KUNA
