Alternative to oil. How kuwait can diversify its economy? (Essay Sample)
how kuwait can diversify its economysource..
Kuwait has over the years been extremely dependent on oil as the source of income for the country. There are dangers when it comes to this practice for the economy of Kuwait. Due to having oil over reliance on, Kuwait misses on a lot of opportunities that if taken can boost Kuwait’s economy greatly. Kuwait should therefore develop other sources of income as an alternative oil to diversify the economy and develop more, the politics surrounding oil normally hinder development, so that Kuwait does not become vulnerable to the world economy and for Kuwait to have an assured source of income not based on nature.
First and foremost, Kuwait should develop sources of income as an alternative to oil so as to diversify the economy. Over reliance on oil in Kuwait centers a lot of thinking towards oil only. This means that the biggest population of Kuwait aims to work in the oil industry. It is the know industry to generate income. This is a bad habit which makes a country not focus on other sources that could be helpful. Diversifying the economy ensures that people work in different areas.
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