KUWAIT CITY, July 14: A recent economic report by Al-Shall highlighted the lack of substantial advancement in achieving the objectives of Kuwait Vision 2035 during the 2010-2024 period, reports Al-Seyassah daily. Key findings from the report: Public sector employment among citizens increased from 74% to 80%, while private sector employment remained stagnant at around 5%. This contradicts the Vision 2035 goal of enhancing the private sector’s role. Capital spending rose by 7.7% but was not fully utilized in any fiscal year.

This spending on high-cost construction projects did not contribute to sustainable job creation or increased production of goods and services. Import reliance remains at 90%, and crude oil exports still account for over 90% of export revenue, indicating a lack of economic diversification. The private sector’s contribution to GDP fluctuated between 23% and 38%, averaging 30%, driven primarily by oil market variables rather than targeted economic strategies.

The upcoming flood of development projects lacks any reference to their potential impact on national job creation or private sector economic contributions, focusing mainly on population and housing expansion. The report criticized the descriptive and reactive nature of the General Secretariat’s reporting, emphasizing the need for proactive policies that foresee and mitigate potential economic bottlenecks. In summary, the economic report highlights the lack of substantial progress in achieving the key objectives of Kuwait Vision 2035, such as enhancing the role of the private sector, diversifying the economy, and creating sustainable employment opportunities for citizens. The report calls for more proactive and targeted policy interventions to address these shortcomings