Kuwait – August 23, 2021:

Kuwait will most likely implement the Value Added Tax (VAT) either this year or by next year cites the latest World Bank report on the economies of the member-nations of the Gulf Cooperation Council (GCC).

The World Bank also predicted that the economy of Kuwait will increase by 2.4 percent within 2021; followed by a projected 3.2 percent growth in the next two years — 2022 and 2023.

The projections for Kuwait on the following economic indicators are:

• Real Gross Domestic Product (GDP), percent change: 2.4 in 2021, 3.6 in 2022 and 2.8 in 2023
• CPI inflation rate, percent average: 2.0 in 2021, 2.3 in 2022 and 2.5 in 2023
• Government Revenues, percent GDP: 29.8 in 2021, 31.7 in 2022 and 42.1 in 2023
• Government Expenditures, percent GDP: 52.5 in 2021, 51.0 in 2022 and 50.4 in 2023
• Fiscal Balance, percent GDP: -22.6 in 2021, -19.3 in 2022 and -8.3 in 2023
• General Government Gross Debt, percent GDP: 13.7 in 2021, 27.3 in 2022 and 44.1 in 2023

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