The International Monetary Fund (IMF) has predicted that Kuwait’s economy will remain in a recession due to the ongoing OPEC+ oil production cuts. “The economy is projected to remain in recession under the baseline in 2024, then to recover over the medium term,” the IMF said a week after OPEC+ announced it was extending voluntary cuts of 2.2 million barrels per day until April 2025. Kuwait’s GDP contracted by 3.6% last year, thanks in large part to a 4.3% contraction in its oil sector due to the production cuts. The economy…
