Expert opines on forecast ripples of economic crisis to Kuwait

Many nationals and residents of Kuwait have been pre-occupied with the basic question; whether worldwide fallouts of the US-originated economic crisis will affect prices of basic commodities on the domestic market. Ahmad Al-Saqqa, professor of economics at Kuwait University, indicated in an intervew with KUNA that the global inflation would spread to the local market, but impact of the crisis locally "would depend on its near future course." He added that this course would take the downward trend in case the US failed with its stringent measures in curbing the financial meltdown and international efforts could not halt the drastic ripples of the crisis. He forecast serious recession in the US in the near future, to be marked with... [read full story]