Kuwait has one of the most oil-dependant economies in the Middle East, with oil revenues accounting for nearly 90% of government revenues and more than 90% of export revenues. The lack of economic diversification meant that the oil price collapse was always going to hit the economy hard.
The impact is exacerbated even further by Kuwait’s very particular form of politics. Parliament has far more power than elsewhere in the GCC, but the key ways in which it can wield this power is to block legislation and hold government officials to account. It is not shy in using these powers and as a result legislation is frequently blocked and there is a high turnover of governments. (CONTINUED - 948 WORDS)