what type of economy does kuwait have
Kuwait is a small, relatively open economy. The Kuwaiti currency is the highest-valued currency unit in the world. Kuwait has nearly 10% of the world's oil reserves.Petroleum accounts for nearly half of GDP and 95% of export revenues and government income.In recent years, Kuwait has done little to diversify its economy due to positive fiscal situation and hostile relationship between the parliament and government, which has prevented the implementation of economic reforms.Kuwait's first free-trade zone was inaugurated in 1999. Kuwait has a well-developed banking system.etroleum accounts for nearly half of GDP and 95% of export revenues and government income. In recent years, Kuwait has done little to diversify its economy due to positive fiscal situation and hostile relationship between the parliament and government, which has prevented the implementation of economic reforms.