(MENAFN- Oxford Business Group) DIVERSIFICATION AND SUSTAINABILITY KEY TO KUWAIT’S RECOVERY
New Covid-19 Response Report by Oxford Business Group and Kuwait Fund for Arab Economic Development analyses country’s international outreach role
Kuwait City, May 2021: Kuwait’s successful efforts to contain the coronavirus while simultaneously supporting less-developed partners through the pandemic, thereby strengthening prospects for a collective rebound, are mapped out in a new Covid-19 Response Report (CRR), produced by Oxford Business Group (OBG) in partnership with the Kuwait Fund for Arab Economic Development (KFAED).
The CRR provides in-depth analysis of the country’s response to the pandemic in an easy-to-navigate and accessible format, focusing on key data and infographics relating to its socio-economic landscape.
The report charts the steps taken by the KFAED, Kuwait’s national agency for the provision of development and humanitarian assistance to developing nations, to support struggling countries in their response to Covid-19, which included implementing debt suspension measures and making direct aid available.
It also shines a spotlight on overseas development strategies and funding mechanisms that are likely to help drive infrastructure development in emerging economies, including public-private partnership (PPP) initiatives. Here, the CRR explores the moves under way among global development partners, including the KFAED, to ensure plans are aligned with the UN’s Sustainable Development Goals.
Elsewhere, the CRR maps out the important role that the KFAED is poised to play on the domestic front by helping to improve the skills of Kuwait’s workforce and nurture young talent, in line with the country bid to boost non-oil growth and continue diversifying the economy.
The pandemic-induced digital acceleration evident in Kuwait and farther afield is another key focus, with wide-ranging analysis of the part this should play in heightening competitiveness across the private sector.
In addition, the report includes an in-depth interview with Abdulwahab Al Bader, Director-General, KFAED, in which he shares his thoughts on a range of topical issues, including the influence of environmental and social sustainability principles on the fund’s investment decisions.
“Since the Covid-19 outbreak was deemed a pandemic in March 2020 by the World Health Organisation, KFAED has intensified its local and international efforts to mitigate the impact on society, particularly vulnerable segments,” Al Bader told OBG. “Looking ahead, KFAED considers the 17 Sustainable Development Goals identified by the UN as important steps for the international community to address the social and environmental challenges that all countries face.”
Jana Treeck, OBG’s Managing Director for the Middle East, said that Kuwait had been well placed to tackle the medical challenges of the pandemic, thanks to its advanced health system and favourable demographics, while robust fundamentals helped to cushion the economy against the worst of the fallout.
“Kuwait’s economy is expected to exceed pre-crisis growth levels by 2022, like others in the MENA region and elsewhere, supported by a combination of non-oil growth and an anticipated uptick in commodity prices,” Treeck said. “Coming out of the pandemic, the country’s role as a facilitator of international development will remain key in supporting the recovery of some of the world’s most vulnerable economies, helping them to build resilience against future shocks and ensure future growth is sustainable.”
The CRR on Kuwait forms part of a series of tailored reports which the global research and advisory company is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific Covid-19 Economic Impact Assessment articles and interviews.
CRR is now available to view and download at:
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