By Eman Goma
Central bank governor also says he expects economic growth to return in 2010.
Kuwait's economy may contract by 1.5 to 2 percent this year before starting to grow again in 2010, central bank governor Sheikh Salem Abdul-Aziz al-Sabah said on Sunday.
"We expect a growth but so far we have not found a proper figure to be estimated for 2010, it depends on so many variables," he said on the sidelines of a financial conference in Kuwait.
Asked how much he expected the economy to contract this year, the central banker replied: "From 1.5 to 2 percent." (Reuters)
Until Kuwait cmes to grip with the root cuase of their problems, the MPs the economy will continue to shrink towards zero.
Well said economic expert.... I had two client arrive in Kuwait today from overseas on their first visit...after an hour at the airport getting their visa, they honestly thought they were in a third world country... Kuwait has so much potential but it will never realise it until (i) parliament stops behaving like children (ii) the economy is diversified (iii) the local population is motivated and not waiting for hand outs from the state
Such a pity this country is crawling back into the stone age. Things are so backward here that even in these days of joblessness you still find it hard to recruit quality people here. HR practises in most large companies are still based on themes from the early 70s. Even today we have leading companies that only pay out 50% of an employee's end of service benefits since that is apparently a rule framed by the Government in the early 70's. There is a very large number of long serving employees waiting for a labour law change to quit and go taking with them their full benefits.