1、 Embassy of Switzerland in Kuwait Address Qortuba,block 2,street 1,villa 122 Phone+965 25340172/3/4/5 E-mail Kuwaiteda.admin.ch Embassys website www.eda.admin.ch/kuwait Embassy of Switzerland in Kuwait Economic Report 2023 Kuwait 15 June 2023 Executive Summary Kuwaits economy literally depends on oi

2、l which accounts for approx.95%of exports and 90%of government revenues.Kuwait is OPECs 5th-largest crude oil producer(and 10th worldwide)with more than 102 billion barrels in proven oil reserves in 2022,which represents around 6%of the worlds total reserve.The new oil and gas discoveries every year

3、 make its oil reserve sustainable for the next 100 years,while the inevitable fluctuations in oil prices have a decisive impact on the countrys economy and finances.The historical savings from oil profits over the years were accumulated in the Kuwait Investment Authority KIA,which manages the asset

4、of Kuwait Sovereign Wealth Fund(Future Generation Fund,General Reserve Fund),the oldest sovereign wealth fund in the world(founded in 1953).The KSW is currently the 5th largest sovereign fund in the world with assets estimated at USD 750 billion according to the ranking established by the Sovereign

5、Wealth Fund Institute.KIAs stakes are distributed e.g.in ports,airports,and power distribution systems around the world.Kuwait is a constitutional monarchy.Its enduring stalemates in governance derive essentially from Kuwaits ambition to make democracy and monarchy coexist,a unique case in the regio

6、n.Focusing in particular on sharing the countrys wealth among all of its citizens,voters use their democratic rights to elect in the Parliament a majority of deputies who do not necessarily share the agenda of the ruling family and the circles that support it.Hence the persistent institutional disag