(MENAFN) The International Monetary Fund (IMF) said that Kuwait is expected to see its economy expanding at an average rate of 5 percent over the coming few years, reported Arab Times.
The Gulf emirate is rebounding from the 2009 economic crisis effects, with new infrastructure projects taking place and a considerable growth occurring in the banking sector.
As part of an effective constant strategy to guard against market instability, several banks have indicated that they plan to carry on lending with caution, and to keep a strong provisions base in the current year.
OPEC's fourth-largest producer of crude oil plans to diversify its economy and reduce dependence on oil revenues.
The country is carrying out several infrastructure projects, including work on roads, ports, a USD3.6 billion expansion of Kuwait International Airport, a transportation network connecting Kuwait to other GCC states and an offshore tourism resort.
Kuwait's construction sector, which was negatively hit by the financial crisis and contracted by 9.8 percent in 2009, is projected to grow at a compound growth rate of 7.45 percent between 2012 and 2016 on annual basis, according to Research and Markets, the Irish market research firm.