Kuwait is a country in Western Asia. Situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, it shares borders with Iraq and Saudi Arabia. Oil reserves were discovered in commercial quantities in 1938. From 1946 to 1982, the country underwent large-scale modernization. In the 1980s, Kuwait experienced a period of geopolitical instability and an economic crisis following the stock market crash. In 1990, Kuwait was invaded and later annexed, by Saddam’s Iraq. The Iraqi occupation came to an end in 1991 after military intervention by coalition forces. At the end of the war, there were extensive efforts to revive the economy and rebuild national infrastructure.
The Kuwaiti dinar is the highest valued currency in the world. According to the World Bank, the country has the fourth highest per capita income in the world.
Kuwait has a petroleum-based economy; petroleum is the main export product. According to the World Bank, Kuwait is the fourth richest country in the world per capita. Kuwait is the second richest GCC country per capita (after Qatar). Petroleum accounts for half of GDP and 90% of government income. Non-petroleum industries include financial services.
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