Sovereign rating downgraded to A+ Kuwait’s economy will likely grow 0.5% in 2021 Oil makes up 90% of government revenue Kuwait’s oil sector is expected to contract in 2021 due to the ongoing OPEC+ production cut agreements, which will stifle the Gulf state’s economic growth, S&P Global Ratings said in a July 16 report. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The ratings agency downgraded Kuwait’s sovereign rating to ‘A+’ from ‘AA-‘, with a negative economic outlook, citing its budget deficit, lack of funding strategy and sluggish oil sector. “The negative outlook primarily reflects risks over the next 12-24 months relating to the government’s ability to overcome the institutional roadblocks preventing it from implementing a financing strategy for future deficits,” it said. Kuwait’s economy depends on oil, accounting for 90% of exports and government revenue. Kuwait produced an average of 2.43 million b/d […]