Kuwait GDP Cut 9.9% in Pandemic ’20
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boxing Page 15 THE FIRST ENGLISH LANGUAGE DAILY IN FREE KUWAIT soccer Established in 1977 / www.arabtimesonline.com Page 16 MONDAY, JUNE 14, 2021 / ZUL-QAADAH 4, 1442 AH emergency number 112 NO. 17713 16 PAGES 150 FILS Kuwait GDP cut 9.9% in pandemic ’20 CBK report tough Opinion KUWAIT CITY, June 13, (KUNA): Governor of the Central Bank of Kuwait, Dr. When the head of the house is fond of gambling, its Mohammad Y. Al-Hashel announced the publication of the 49th issue of the Eco- leaders become fun lovers despite people’s sufferings nomic Report, published an- nually by the Central Bank of Kuwait (CBK). By Ahmed Al-Jarallah The 2020 Economic Report covers key Editor-in-Chief, the Arab Times economic developments, including the most recent data and statistics available THE French monarchy, particularly dur- on various aspects of economic perfor- ing the period between 1661 and 1789, is mance in the State of Kuwait during said considered to present the most important year. The report addresses these develop- lesson in political history in terms of its ments in six parts, each covering a major rise and fall. Observers stop at this point topic in detail. in their attempts to study and draw les- The global economy suffered an excep- sons from it. tionally tough year due to the COVID-19 The story of the rise and fall of the em- pandemic that caused the worst economic pire began during the reign of King Louis shock in a century. XIV, who was called the Sun King. His Precautionary and preventative mea- rule lasted for 54 years, during which he sures went as far as total shut down of was able to move his country from a state many economic activities in the first and of chaos and ignorance, into becoming a second waves of the pandemic, putting a beacon of knowledge. He managed to es- hard stop to a considerable portion of eco- tablish a state that was strong internally, nomic activity locally and abroad, shock- externally active, and economically solid. ing supply and demand. He came to power at the age of five. Due to the pandemic and its serious A regent was appointed, who at that time ramifications, the International Monetary was the prime minister Cardinal Mazarin, Fund (IMF) estimates that the global from 1661 until the king reached the le- economy had retracted by 3.3% in 2020 gal age. When he took over, the fate of compared to a growth of 2.8% in 2019. France was imprinted in its character to As global and regional economies suf- such an extent that its history cannot be fered recessions, a retraction in both overlooked at any point. His rule was glo- global demand for oil and in oil prices, rious, and the foundation of his political directly or indirectly affected aspects of work was based on obedience at home economic activity in the State of Kuwait. and a good reputation abroad. He con- Initial estimates indicate that Gross sidered himself as the source of powers, Domestic Product (GDP) at constant based on which came his famous phrase, prices for the Sate of Kuwait has dropped “I am the state and the state is me”. by an average of 9.9% in 2020 compared He was not keen about having fun and to an average growth of 0.4% in 2019. messing around. He learned from a very The value of GDP at current prices also young age to work hard and struggled. dropped by almost 23.2%, mainly driven Following the death of Mazarin, he han- by a drop in the average price of Kuwait’s dled the government strongly. He was Export Crude (KEC) per barrel to USD fully convinced that he could manage 41.5 in 2020, slipping 35.2%. the rule himself and no one could replace The inflation rate measured by the him, due to which he decided to remove The Sheikh Abdullah Al Salem Cultural Centre is seen in this aerial shot. Kuwait’s world-class museum, Sheikh Abdullah Al Salem Cultural Centre, is pleased to announce an exciting month of live and virtual events. — See Page 5 Consumer Price Index (CPI) came up to his first minister, princes and public fig- 2.1% in 2020 compared to an increase of ures in the palace from the center of deci- 1.1% in 2019. Available data also indi- sion-making. He abolished many admin- cate a drop in the total population by end istrative institutions and reduced the role EU talks up N-hopes of 2020 by 2.2% compared to a growth of of those responsible for them. Newswatch 3.3% at end of 2019. Versailles Palace was built in 1682, making it a symbol of absolute monarchy. Responded About 100 years later, it was inhabited by KUWAIT CITY: The Amiri Di- In terms of monetary and banking the last king, King Louis XVI, and his wife wan on Sunday issued the follow- Debate shows Iran fi ssures developments in 2020, Central Bank of Queen Marie Antoinette, who were forced ing: On behalf of His Highness the Kuwait (CBK) swiftly and decisively re- to leave the French Revolution in 1789. Amir Sheikh Nawaf Al-Ahmad TEHRAN, June 13, (AP): Iran held a sanctions. sponded through monetary and prudential This glory began to wane with the Al-Jaber Al-Sabah and the gra- final presidential debate Saturday that The debate took on the pattern policies since the onset of the pandemic. rule of King Louis XV for a period of 59 cious Al-Sabah Family, the Amiri showed the fissures within the Islam- of the previous ones, with hard- The Bank dedicated its efforts and re- years. Despite enjoying a good reputation Diwan extends deepest thanks ic Republic’s politics, as hard-liners liners focusing their criticism on Confidants 2 to the citizens and residents for sources to counteract the negative effects at the beginning of his reign, his internal referred to those seeking ties to the Hemmati as a stand-in for Rouhani. of the pandemic, and did not hesitate to and foreign policies led him to lose popu- partaking in the extension of con- West as “infiltrators” and the race’s Hard-liner Alireza Zakani went as dolences on demise of Sheikh face sedition utilize all tools at its disposal without lar support. two other candidates brought up the far to accuse Hemmati of commit- abandoning its goals aimed at maintain- In addition, he loved amusement and fun Mansour Al-Ahmad Al-Jaber unrest that surrounded Tehran’s dis- ting a “huge treason” by sharing Al-Mubarak Al-Sabah. AMMAN, June 13, (AP): The ing the atmosphere of monetary stability so much that a number of historians wrote, puted 2009 election. financial information to the Inter- and financial stability. The CBK adopted “Wealth was made for years and wasted “We implore His Almighty Analysts and state-linked polling national Monetary Fund. Hard-line prosecutor of Jordan’s state secu- to grant them goodness, protect rity court on Sunday filed sedition extraordinary accommodative policies to in one night in Versailles on the gambling them against any harm and be- put hard-line judiciary chief Ebrahim former Revolutionary Guard chief support sectors of the economy and help tables that abounded in the seat of govern- Raisi as the clear front-runner in Fri- Mohsen Rezaei described the Rou- and incitement charges against two stow mercy upon soul of the de- confidants of King Abdullah II’s them weather the storm, focusing on the ment. While poverty was ravaging most of ceased.” (KUNA) day’s upcoming vote, with the pub- hani government as being run by need to provide an environment that the people, the king and his entourage were ❑ ❑ ❑ lic now largely hostile to the relative “infiltrators.” half-brother Hamzah, marking the latest step in a rare, intrigue-filled builds confidence in the national econo- indulging more in gambling. Many times moderate President Hassan Rouhani Hemmati, who raised eyebrows in my and its ability to recover. King Louis XV used to leave important KUWAIT CITY: Cultural centers after the collapse of Tehran’s nuclear recent days after telling The Associ- palace drama that has rattled the and museums re-opened Sunday Western-backed kingdom. The Bank took a swift pre-emptive meetings to go deer hunting or to have fun deal with world powers. ated Press in an interview he’d be po- monetary decision in March 2020 lower- with women. Bribery, corruption and all and started receiving visitors, in But that didn’t stop Rouhani’s for- tentially willing to speak with Presi- The affair erupted into the open line with a a Cabinet’s decree stip- in early April when Hamzah was ing the Discount Rate to a historical low kinds of graft became widespread”. mer Central Bank chief Abdolnasser dent Joe Biden, said his government of 1.5%, followed with a reduction in the All this led to the turn of public sen- ulating that visitors are obliged to Hemmati from harshly criticizing would not view Saudi Arabia and the placed under house arrest and adhere to health precautions. two senior associates — Bassem Repo Rate as well as monetary market in- timent against the French crown. The Raisi, at one point getting up from his United Arab Emirates as enemies. He tervention price. This resulted in a drop opposition expanded, and hopes were The centers were completely chair to hand him a list he described also warned that without deals with Awadallah and Sharif Hassan bin prepared to receive visitors.