International reports renewed their advice to Kuwait to prepare for oil price shocks through quick economic reform measures, praising at the same time the trends of reviving entertainment and domestic tourism, opening the doors of foreign investment and facilitating and developing the business environment.
According to a local Arabic daily the oil price indicators are not reassuring, as they fluctuate quickly and suddenly, with the rise in energy prices, consuming markets are looking for cheap alternatives, to reduce their import bills, and crises have emerged that threaten an imminent global recession, including real estate and energy crises, and the status of factory activity in China and several other countries.
Reliable sources said the huge spending by Kuwaitis on tourism abroad calls for the need to open wider entertainment outlets inside, as according to statistics before the Corona pandemic, citizens were spending $16 billion annually on foreign tourism and other visits and treatment abroad trips.
The same sources indicated that the economic reform steps were very slow over a long period of time and that it was time to truly diversify the sources of income away from the excessive dependence on oil.
The sources expressed optimism about the imminent removal of political restrictions that impeded addressing the structural challenges related to oil dependence, as political conflicts were a stumbling block in the way of development, but the current era heralds fruitful cooperation between the concerned authorities.
The sources said that the Kuwaiti sovereign fund is still an impenetrable buffer against shocks, especially with good management strategies which take into account the prudent future reading of the markets and their risks, and how to achieve the best returns.