Kuwait: 2020 GDP to contract by 6.3% – Standard Chartered

Economists at Standard Chartered expect 2020 GDP to contract by 6.3% y/y (1% growth prior), mainly on OPEC++ oil output cuts. USD/KWD trades at 0.312.

Key quotes

“We now expect 2020 GDP to contract by 6.3% y/y (1% growth prior) mainly on a revival of the OPEC++ agreement while non-oil economic activity is set to contract more than 4% y/y.” 

“We expect headline growth to recover to 2.5% (1.7% prior) in 2021 as oil output curbs gradually ease.”