Kuwait City - The balance of payments, inflation rates and the government’s financial position are affected by the rise in food prices globally, and to measure the extent to which countries are exposed to the shock of price increases, MUFG Bank, one of the largest Japanese banks, compares the ratio of food commodity imports to GDP in emerging economies, including Kuwait, which represent about 4% of the country’s GDP, reports Al-Anba daily.
Kuwait’s gross domestic product is over $117bln (36 billion dinars) for 2020, and it has shrunk by 9% as a result of the pandemic and the repercussions and full and partial lockdowns it imposed, while the International Monetary Fund expects the growth of the non-oil sector’s GDP by 3.5% and a rise in the inflation rate by 4.4%. Data from the Central Administration of Statistics showed that inflation rose by 4.30% last December on an annual basis.
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