Kuwait ranks 86th globally in economic complexity index – ARAB TIMES
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“The country’s economy is becoming less complex”
KUWAIT CITY, September 3: In the Economic Complexity Index (ECI), Kuwait ranks 86th in the world in terms of the complexity of the economy. However, the index showed that the country’s economy has become less complex than a decade ago, Al-Rai daily reports. Globally, Saudi Arabia ranks 42, Bahrain ranks 56, Qatar ranks 71, Oman ranks 79, and the United Arab Emirates ranks 99.
The economic complexity index measures the extent of the country’s productive knowledge and the amount of information about its productive capabilities. It also takes into account the country’s export volume and compares it to the development and diversity of other exporting countries.
The index shows that the complexity of the Kuwaiti economy arises despite the growing diversification of the country’s exports, which has affected less complex products. He believes that Kuwait has little opportunity to diversify its production using the expertise it currently has. The index revealed that Kuwait is less complex than one would expect for a country with its income level and therefore its economy is expected to grow slowly.
According to the Growth Lab’s forecast for 2030, Kuwait’s growth will be around 0.7% per year over the next decade, which will put it in the bottom half of the world’s countries in terms of growth. The “Atlas of Economic Complexity” published by the Harvard Kennedy School describes Kuwait as a high-income country and ranks it the 27th richest economy by population out of the 133 countries covered by the Atlas.
According to the Atlas, the per capita GDP of Kuwait’s 4.27 million people is around $24,811. Average per capita output growth has reached 3.9% over the past five years, which is lower than the average for countries in the region. Kuwait ranked third richest in the Gulf after Qatar, which ranked tenth in the world, and the United Arab Emirates, which ranked 21. Bahrain ranked 31, the Saudi Arabia 33 and Oman 41.