Kuwait City, Kuwait—Kuwait is one of the freest nations in the Persian Gulf, as well as one of America’s best friends. Yet its “liberalish” governance, as one Kuwaiti colleague described it, ironically impedes the adoption of market-oriented economic reforms necessary for the country’s prosperity. The latest election for the National Assembly may exacerbate Kuwait’s difficulties.
Kuwait is one of the Gulf’s petro-states, sitting atop pools of black gold. Except that while the price of real gold is up, the price of oil is down. Last year Kuwait’s government ran its first deficit in 17 years. Revenues dropped by 45 percent, …read more
Source: Cato Institute