Kuwait's economy contracted by 9.9% in 2020

Kuwait, which makes half its revenues from oil, had its finances squeezed by an oil price crash and by the COVID-19 pandemic, while a draft law that would allow it to tap international debt has stalled amid disagreement between successive parliaments and cabinets.

DUBAI: Kuwait's gross domestic product contracted 9.9% in 2020, compared with growth of 0.4% in 2019, mainly because of last year's sharp drop in oil prices, state news agency KUNA reported on Sunday.

Kuwait, which makes half its revenues from oil, had its finances squeezed by an oil price crash and by the COVID-19 pandemic, while a draft law that would allow it to tap international debt has stalled amid disagreement between successive parliaments and cabinets.