Kuwait Banking & Financial Services Q1 2020
Kuwait is one of the oldest financial centres in the Gulf region. The development of the sector has been hampered sincethe 1960s and other countries in the region have outpaced it in a number of areas, mainly due to an inadequate regulatoryframework. With recent regulatory reforms, increased government spending and a revised strategy, the industry was expected togrow in the coming years and challenge its peers in areas in which it lacked previously, but a fall in oil prices will hold the sector backin the foreseeable future. The banking and insurance sectors in particular have shown signs of improvements in the past months asthey continue to grow; however, the banking sector is expected to witness lower credit growth in the next couple of years due to thefall in oil prices, while the insurance sector's growth is forecast to be around the upper single digits.
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