Kuwait Banking & Financial Services Q1 2019
Kuwait is home to one of the oldest financial centres in the Gulf area. The development of the sector has beenhampered since the 1960s and other countries in the region have outpaced it in a number of areas, mainly due to an inadequateregulatory framework. With recent regulatory reforms, increased government spending and a revised strategy, the industry isexpected to grow in the coming years and challenge its peers in the areas it lacked previously. The slump in oil prices has started toraise fears as an economic slowdown is possible if the current trend continues, especially since the country is heavily dependent onone resource. However, the forecast increase in Brent crude prices to USD65.0/bbl from USD57.0/bbl is expected to improve thesector's performance.The banking and insurance sectors in particular have shown signs of improvements in the past months as theycontinue to grow, with the banking sector seen at a good stage in its development while the insurance sector's growth has hitdouble digits.
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