Kuwait economy pays price of political turmoil
Economic development in oil-rich Kuwait has been hard hit by political disputes which have stalled vital projects, analysts and candidates said.
Despite its oil-fuelled mega-wealth, Kuwait -- which goes to the polls on Saturday -- has seen more political turmoil than it has development projects in the past three years, leading to a deterioration in services and stagnation in infrastructure programmes.
"The economy has been the main victim of non-stop political disputes. The national economy remains highly distorted and reform legislation stalled," economic analyst Hajjaj Bukhdur told AFP.
The situation worsened in the wake of the global economic meltdown that severely impacted dozens of local investment firms and to a lesser degree other economic sectors.
That prompted Moody's Investors Service in March to place Kuwait's sovereign ratings on review for possible downgrade, while rating agencies have downgraded the ratings of several banks and investment firms.
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