In November last year, the cosy club of sheikhs and their courtiers who have long ruled over Kuwait was somewhat shaken when a paper written by 29 of the oil-dependent emirate’s most respected economists landed on official desks and in bankers’ inboxes.
Entitled ‘Before It’s Too Late,’ the 28-page commentary on Kuwait’s economy didn’t pull any punches. In what amounted to a blistering call to arms, the economists levelled the blame for mismanaging the economy directly at the country’s ruling elite.
Kuwait was in the thrall of an embedded “rentier culture” of financing relentless consumption from dwindling oil revenues its authors claimed.
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