KUWAIT: International indices have shown Kuwait’s progress in various sectors, thus bringing into the limelight the government’s successful steps regarding economic and financial reforms. The government’s rapid steps to achieve actual development at diverse levels and enhance its ranking in the eyes of the international quarters are seen in its 2024-205 development scheme, inspired by the 2023 New Kuwait vision.

Kuwait’s development plans are aimed at elevating its classification in the economic and administrative indexes. According to a report released by the Secretariat General of the Supreme Council of Planning and Development, the main indexes of the Kuwaiti economy between 2023 and 2024 made progress as compared to the previous period.

Kuwait ranked 35th among 163 states in the Global Peace Index (GPI) in 2023, improving by four ranks as compared to 2022. In the Gender Gap Index (2023), Kuwait came in at 120th status among 146 countries and in the Financial Index. It was in the 82nd among 132 states. In the Corruption Perceptions Index (2023), the report by the Supreme Council showed that Kuwait came 63rd among 180 countries and maintained its 69th point among 193 with respect to the government’s AI (artificial intelligence) readiness.

As to the Index of Economic Freedom (2024), it ranked 13th among 143 states and 49th among 193 in the Human Development Index (HDI). For the second year in a row, Kuwait came top in the Global Communication and Information Technology Development Index (2024) released by the International Telecommunication Union (ITU), an achievement that would provide greater confidence for external investors, help in creating new jobs, and boost expertise transfer.

Moreover, Kuwait ranked 37th at the international level for administrative development, according to the 2024 Global Competitiveness Index released by the International Institute for Management Development (IMD). The index that measures competitiveness of 67 states is based on 335 sub-indices, partly showing that the Kuwait government has moved forward by four points in terms of efficiency.

Regarding the Global Infrastructure Index (GII), Kuwait moved forward by three points, ranking 46th. As for the GKI Global Knowledge Index (2023), it came 44th, improving by three points compared to the previous year. The GKI assesses pre-university education, technological and vocational teaching, higher education, research and development, innovation, IT, communications, economy, and empowerment environments.

Other international indexes that showed Kuwait’s concrete progress in various realms was the Global Index on Investment Insurance, where it came fourth at the Arab level and 41st at the international level (2023). The Kuwaiti government’s 2024-2025 development plan aims at improving the country’s status in global indices to be among the first 35 by 2035. Kuwait made noticeable progress over the past years at the administrative and technical levels in data gathering, swapping, and dissemination, thus enabling it to release credible, regular, and substantiated statements on various issues.

The positive ripples were sensed by the World Bank, which forecast economic recovery in 2024, while the international classification agencies drew a bullish outlook for Kuwait. On Friday, Fitch placed Kuwait at the AA-level with a stable outlook, buoyed by solid financial conditions. According to the Central Bank of Kuwait, Fitch’s lifting of Kuwait’s rank signaled the state’s ability to cope with financial challenges in the long term, namely executing a plan to stem the budget deficit and cope with the projected fall of oil prices in addition to the adoption of a transparent and sustainable financial strategy by the government. — KUNA