KCICAI shines spotlight on Kuwait’s economic landscape, GCC region

• Mr. Daniel Kaye, Group Chief Economist of the Economic Research Group at the National Bank of Kuwait, analyzed global economic outlook and oil prices, highlighting US economy resilience, European challenges, and shifts in China and Japan. He also discussed oil price trends, focusing on geopolitical factors and supply-demand dynamics.

The Kuwait Chapter of The Institute of Chartered Accountants of India (KCICAI) hosted a compelling Continuing Professional Education (CPE) event highlighting Kuwait’s economic landscape and the broader GCC region. Held at the prestigious Jumeirah Messilah Beach Hotel, the event attracted notable industry professionals and stakeholders.

The keynote address was delivered by Mr. Daniel Kaye, Group Chief Economist of the Economic Research Group at the National Bank of Kuwait. With a wealth of experience and expertise in macroeconomic analysis, Mr. Kaye provided invaluable insights into the global and regional economic dynamics shaping the future of Kuwait and the GCC.

The event commenced with opening remarks by CA Andaleeb Girkar, setting the stage for a comprehensive exploration of the factors influencing the economic trajectory of the region. CA Rabin Gonsalves, Chairperson of KCICAI, emphasized the significance of the Kuwait and GCC economic outlook, underscoring its impact on residents and businesses in the region.

He expressed gratitude to the attendees for their participation and highlighted the importance of staying abreast of economic developments in a rapidly evolving landscape. He also highlighted the rarity of such events post-pandemic and emphasized the challenges in accessing accurate economic data in the region.

Global economic outlook

CA Sweta Chipra assumed the role of meeting coordinator and introduced Mr. Daniel Kaye, acknowledging his accomplishments in economic research. Mr. Kaye then delved into a detailed analysis of the global economic outlook and oil prices, offering nuanced perspectives on key indicators and trends. He highlighted the resilience of the US economy, challenges in Europe, and evolving dynamics in China and Japan. Additionally, Mr. Kaye provided insights into oil price outlook, emphasizing geopolitical factors and supply-demand dynamics.

The session also included comprehensive highlights of the economic prospects of GCC countries, such as Saudi Arabia, UAE, Qatar, Oman, and Bahrain. Each country’s unique opportunities and challenges were examined, providing a holistic understanding of the regional economic landscape.

Turning the focus to Kuwait, Mr. Kaye outlined the country’s economic outlook, noting subdued growth post-pandemic and the challenges posed by its reliance on the oil sector. Structural challenges such as low GDP growth, limited economic diversification, and low investment were discussed, along with potential strategies to address them in alignment with Kuwait’s Vision 2035.

The vote of thanks was proposed by KCICAI Vice Chairperson, CA Aditya Dhanuka. He expressed gratitude to Mr. Daniel Kaye for his enlightening presentation, the attendees, and the annual sponsors Al Mulla Exchange and NBK for their unwavering support. He also thanked KCICAI’s media partners for their extensive event coverage. The event was conceptualized, structured, and executed under the leadership of Executive Committee member and CPE lead CA Venkata Raman.

The event concluded with an emphasis on the benefits available to KCICAI members through corporate tie-ups with Al Rifai, Crowne Plaza, Metro Medical, Jazeera Airways, Mughal Mahal & Pokiddo, highlighting the chapter’s commitment to enhancing member value and fostering professional development.