Kuwait SME's: Accelerating Economic Diversification

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Recent research by the World Bank uncovered that small and medium enterprises (SMEs) account for over 50% of GDP in high income countries; whereas the.....

Summary

Recent research by the World Bank uncovered that small and medium enterprises (SMEs) account for over 50% of GDP in high income countries; whereas the figure is much lower in middle and low income nations[1]. Though a high income nation, Kuwait’s SMEs scenario reflects that of middle and low income countries. The country has been a late comer in unlocking the potential role that SMEs can play in its economy. Kuwaiti private sector and SME contribution to employment lacks luster, whereby approximately 85% of the Kuwaiti workforce is currently employed by the government. Historically, the private sector, although growing, has been unable to create enough jobs for nationals. This scenario is clearly unsustainable; with a growing population, the public sector will inevitably be limited in its ability to offer employment to all. It is therefore imperative that the SME segment in Kuwait be developed to play an important role in employment creation over the coming years.

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Kuwait SME's: Accelerating Economic Diversification

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