On the strength of the oil production, Kuwait and the entire Gulf region were a destination for job-seekers from across the globe, reports Al-Rai daily.
As the gap in fiscal deficits widened and economic conditions narrowed and the price of the black gold fell to levels they had not seen in a long time, the situation turned upside down and hundreds of companies began to fill the pinch as bankruptcy looked in the eye – the companies that have not been able to withstand the severe financial storms in the face of severe austerity caused by declining revenues and increased expenses.
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In this regard, experts pointed out that many expatriates who are ‘retired’ from their work are waiting from 6 months to a year to get a second job.
They told the daily, the second job the expatriates took after a long wait often does not meet the criteria of the first job he/she worked in, as employers often put tough conditions and salaries are low. But the harsh conditions and low salaries are no longer an obstacle to the expatriate looking for any job trying to earn some money to help pay the monthly burdens and obligations that have accumulated during the period of absence from work.
An economist, Mohammed Ramadan, said the lack of jobs available to the new arrivals in 2018, and increased during the first half of this year, is a natural phenomenon within the economic cycle, which was affected by the deflation caused by the decline in oil prices.
‘It is possible that this crisis will recur every 10 years, which has already occurred in 2008, and refl ected on the Kuwaitis and expatriates alike, which automatically leads to the loss of the Gulf in general and Kuwait in particular the title of career opportunities.
He pointed out that what is happening now in terms of the huge decline in job opportunities, especially those available to expatriates is similar to what happened in 2008 during the global financial crisis, but the crisis at the time did not look much worse, since the wheel of the economy began moving again by 2010, but the situation today looks very different from what it was 10 years ago.
‘Now there are other variables related to the period of economic transformation and the financial reform currently underway in Kuwait, which began with the entry of the state budget deficit, which led to the reconsideration of many projects in terms of expenditure and rationalization.
He pointed out that this has reflected in capital expenditure in the state budget to continue below 20 percent over several years. As the increase in capital expenditure is the main engine of projects in Kuwait, it is also a real maker of employment opportunities, in generating employment opportunities.
He pointed out that the number of those expatriates who have lost work has increased significantly during recent times, considering that this phenomenon is increasing day after day due to the deteriorating economic situation.
He pointed out that the construction sector in Kuwait, for example, is one of the sectors that has a strong impact in the rotation of the wheel of the economy due to the operational operations of many sectors of the industrial and service, to retail, but the number of large deliveries by the Public Authority for Housing Welfare during In the past period, has created a time gap in which large projects have decreased in this area, reducing the opportunities available to all types of arrivals, while this situation may be eliminated with the implementation of the upcoming residential projects.
The administrative expert, Hani Al-Meer, said the economic changes in the world as a whole now has seen the abandonment of giant economic entities which have shed thousands of jobs over the past years, on the pretext of reducing spending or the increasing rates of technological development, which reduces the number of job opportunities for specific sectors, and Kuwait is not far from it, as it is affected by what affects the whole world
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