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Kuwait's Status in the World Today - Term Paper Example

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The paper 'Kuwait's Status in the World Today' presents Kuwait which is a state situated on the coast of the Persian Gulf, and it borders Saudi Arabia in the south, and Iraq in the North and west. It is a sovereign state with an estimated population of 3.1 million people…
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Kuwaits Status in the World Today
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Download file to see previous pages Kuwait may be a geographically small country, but this does not come any close to its economy. The country is wealthy with a comparatively liberated economy as well as having approximately 105 billion barrels reserves of crude oil that are well supported, and they are estimated to make eight percent of the total oil world reserves (Britannica Educational Publishing, 2011). It is this petroleum that accounts for nearly half of the state’s GDP. This is because almost 95 percent of all export revenues and government income comes from petroleum trade. It is estimated that nominal GDP increased by 17% in 2010 as compared to the 23% decline that has been observed in 2009, and a further 29% growth in 2011(Keay, 2012). This translates to a four percent growth rate which is low as compared to that of the US. The current inflation rate of Kuwait stands at four percent as compared to 2008, a year during which there was a global recession, and the inflation rates stood at approximately ten percent (US Department of State, 2012). This compares on the lower side of the economy to the US whose inflation rates have not gone past the six percent mark in the last five years. This is because by march this year the US inflation rates were approximated at 2.7 percent as compared to the 2008 inflation rate of averagely 4percent (Keay, 2012). This increasing rate of inflation in Kuwait has been due to the substantial spending of its government on food due to the increase in commodity prices especially food. However, this is to remain high for the next month due to the rising international prices of fuel as well as food prices. This means that Kuwait is managing, but its economic status is low as compared t that of the US in regard to sustainable economic development. The unemployment rate of Kuwait stands at 2.2 percent, and this is an improvement from the yesteryears (Keay, 2012). It is noteworthy that Kuwait survived the economic crisis that has been ongoing since 2008 majorly because of the budget surplus that was generated from the increased oil prices on a global level. ...Download file to see next pagesRead More
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