A specialist report by Fitch International expects that the Kuwaiti construction market will witness a significant contraction in the value of the construction industry by 8%, against the background of low oil prices and the outbreak of the Coronavirus ( Covid-19), and the consequent possibility of reducing capital spending in pushing the Kuwaiti construction market into recession during the year 2020.
In a long-term outlook, Fitch's report suggests that the steps taken by the State of Kuwait in order to diversify its economy and promote the country as a logistical center, in line with Kuwait 2035 vision , Will support the long-term growth of this sector.
The report pointed out that policy constraints arising from continued political and regulatory uncertainty will to some extent undermine the positive effects of high oil prices and an improvement in the economy, paving the way for strong growth Although not amazing, in the construction sector in Kuwait for the next five years.
