Country Outlook
Latest data Sep 2026 ยท computed 14 Oct 2026
History: Maddison Project GDP from 1950, World Bank from the 1960s-70s, IMF from 1980-2005
Data, scores and the AI report are updated once a month.
19%
estimated chance that an economic crisis starts within 2 years
21% of all its past years were followed by one
5 of the 17 past years that scored at least this high were followed by a crisis within 2 years.
39/100
Higher than 35% of years since 1986
Measures that published studies found often high before past crises: credit and debt growth, house and stock prices against their trend, the yield curve, interest-rate rises and external deficits. Low market volatility counts toward it.
Building up mostStock market value
84
Public debt build-up
82
Market fear (VIX)
67
46/100
Higher than 41% of years since 1970
How far today's readings are from Kuwait's usual levels, across 44 indicators.
Stock market
84
Public finances
70
Global environment
67
External
40
Economy
31
Inflation and policy
26
Private credit
16
The build-up measures, each against Kuwait's own history. Each area starts with a fixed weight, adjusted by how it read before Kuwait's past crises.
Before 2 of the 3 economic crises that can be tested, the score was in the top quarter of the country's history (75th percentile or higher) in the 2 years before.
Of the 3 years it was that high outside a crisis, 2 (67%) were followed by a crisis within 2 years.
Ranking quality 62/100, where 50 is what chance would give (68 with every area weighted the same).
For comparison, the stress score ranked them 65/100.
| Crisis | Percentile before | Result |
|---|---|---|
| COVID-19 and oil collapse (2020) | 66 | High 2 years before |
| Oil price crash (2014) | 30 | Not high before |
| Global financial crisis (2008) | 87 | High 1 year before |
How much today's readings look like the year before each crisis started.
COVID-19 and oil collapse (2020)
24%
Oil price crash (2014)
23%
Iraqi invasion (1990)
6%
Global financial crisis (2008)
3%
Oil price collapse (1986)
2%
3 of the 10 most similar past years were followed by a crisis within two years (COVID-19 and oil collapse (2020), Oil price crash (2014)), against 7% of all years.
1850
55%
1851
55%
1852
55%
1853
55%
1854
55%
1921
29%
2018 โ COVID-19 and oil collapse began 2020
26%
1939
25%
2019 โ COVID-19 and oil collapse began 2020
24%
2013 โ Oil price crash began 2014
23%
51 indicators measured, 31 not available for Kuwait.
Change in real output from a year earlier.
2.7%
2025
Lower than 63% of years since 1951
Danger down from 79 a year ago
Median 5.38% ยท usual range -7.91% to 15.1%
The year before past crises: median 0.3%, from -18.9% before the Souk al-Manakh crash (1982) to 9.35% before the Global financial crisis (2008)
Today is at least as extreme as the year before 2 of 6 crises: Iraqi invasion (1990), Global financial crisis (2008)
Before this country's past crises (5), it read higher than in other years 71% of the time; 50% is what chance would give.
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1970 (58.5%), 1991 (-71.4%), 1992 (206%), 1993 (63.3%)
Sources: Maddison Project 1950โ2022 ยท IMF World Economic Outlook (NGDP_RPCH) 2023โ2025
Share of the labour force out of work.
2.18%
2025
Higher than 73% of years since 1991
Danger up from 67 a year ago
Median 1.7% ยท usual range 0.7% to 2.37%
The year before past crises: median 2.21%, from 1.5% before the Global financial crisis (2008) to 2.47% before the Oil price crash (2014)
Today is at least as extreme as the year before 1 of 3 crises: Global financial crisis (2008)
Before this country's past crises (2), it read higher than in other years 71% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (SL.UEM.TOTL.ZS) 1991โ2025
One-year change in the unemployment rate.
+0.03 pp
2025
Higher than 57% of years since 1992
Danger down from 63 a year ago
Median 0 pp ยท usual range -0.22 pp to +0.28 pp
The year before past crises: median +0.2 pp, from +0.01 pp before the COVID-19 and oil collapse (2020) to +0.24 pp before the Oil price crash (2014)
Today is at least as extreme as the year before 1 of 3 crises: COVID-19 and oil collapse (2020)
Before this country's past crises (2), it read higher than in other years 71% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Off the chart: 2020 (+1.28 pp)
Sources: World Bank (SL.UEM.TOTL.ZS) 1991โ2025
Gross investment relative to GDP. Both very high and very low count as the dangerous side.
15.1% of GDP
2024
Lower than 69% of years since 1965
Danger up from 25 a year ago
Median 16.9% of GDP ยท usual range 12.3% of GDP to 24.8% of GDP
The year before past crises: median 17.7% of GDP, from 12.3% of GDP before the Iraqi invasion (1990) to 23% of GDP before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 1 of 6 crises: Souk al-Manakh crash (1982)
Before this country's past crises (4), it read higher than in other years 70% of the time; 50% is what chance would give.
Both extremes are dangerous. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1991 (41.9% of GDP)
Sources: World Bank (NE.GDI.TOTL.ZS) 1965โ2024
Household spending after inflation, against a year earlier.
2.56%
2024
Lower than 54% of years since 2011
Danger down from 61 a year ago
Median 2.69% ยท usual range 1.32% to 7.56%
The year before past crises: median 2.42%, from 2.42% before the Oil price crash (2014) to 2.43% before the COVID-19 and oil collapse (2020)
Today is less extreme than the year before every one of the 2 crises with data
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Off the chart: 2020 (-11.3%)
Sources: World Bank (NE.CON.PRVT.KD) 2010โ2024
Volume of exports of goods and services against a year earlier.
-3.2%
2024
Lower than 82% of years since 2011
Danger up from 32 a year ago
Median -0.59% ยท usual range -4.29% to 12.3%
The year before past crises: median -5.75%, from -8.5% before the COVID-19 and oil collapse (2020) to -3% before the Oil price crash (2014)
Today is at least as extreme as the year before 1 of 2 crises: Oil price crash (2014)
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (NE.EXP.GNFS.KD.ZG) 2011โ2024
Consumer prices against a year earlier. Both high inflation and deflation count as the dangerous side.
2.36%
2025
Lower than 65% of years since 1973
Danger up from 15 a year ago
Median 3.2% ยท usual range 0.72% to 8.63%
The year before past crises: median 3.01%, from 1.09% before the COVID-19 and oil collapse (2020) to 7.37% before the Souk al-Manakh crash (1982)
Today is at least as extreme as the year before 2 of 6 crises: Iraqi invasion (1990), Oil price crash (2014)
Before this country's past crises (3), it read higher than in other years 43% of the time; 50% is what chance would give.
Both extremes are dangerous. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (FP.CPI.TOTL) 1972โ2025
Growth of money and bank deposits over a year.
3.61%
2025
Lower than 74% of years since 1961
Danger up from 29 a year ago
Median 6.45% ยท usual range -0.39% to 26.1%
The year before past crises: median 7.27%, from -1.54% before the Oil price collapse (1986) to 41.4% before the Souk al-Manakh crash (1982)
Today is at least as extreme as the year before 2 of 6 crises: Iraqi invasion (1990), Oil price crash (2014)
Before this country's past crises (5), it read higher than in other years 67% of the time; 50% is what chance would give.
Both extremes are dangerous. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (FM.LBL.BMNY.ZG) 1961โ2025
Five-year change in private credit relative to GDP.
-1.05 pp of GDP
2025
Lower than 73% of years since 1967
Danger up from 6 a year ago
Median +5.73 pp of GDP ยท usual range -69.6 pp of GDP to +40.1 pp of GDP
The year before past crises: median +13.4 pp of GDP, from +1.24 pp of GDP before the Global financial crisis (2008) to +39.5 pp of GDP before the Oil price collapse (1986)
Today is less extreme than the year before every one of the 6 crises with data
Before this country's past crises (3), it read higher than in other years 52% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (FS.AST.PRVT.GD.ZS) 1962โ2025
Private credit relative to GDP against its long-run trend (one-sided Hodrick-Prescott filter, as the BIS computes it).
-16.8 pp of GDP
2025
Lower than 88% of years since 1971
Danger up from 10 a year ago
Median -2.02 pp of GDP ยท usual range -22.2 pp of GDP to +17.5 pp of GDP
The year before past crises: median -3.12 pp of GDP, from -13.7 pp of GDP before the Iraqi invasion (1990) to +16.2 pp of GDP before the Souk al-Manakh crash (1982)
Today is less extreme than the year before every one of the 6 crises with data
Before this country's past crises (3), it read higher than in other years 62% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (FS.AST.PRVT.GD.ZS) 1962โ2025
Loans to households and firms relative to GDP (bank loans in the history, total credit rescaled to it after).
4.92% of GDP
2025
Lower than 93% of years since 1962
Danger up from 2 a year ago
Median 45.4% of GDP ยท usual range 6.73% of GDP to 89.1% of GDP
The year before past crises: median 66.6% of GDP, from 52.4% of GDP before the Souk al-Manakh crash (1982) to 92% of GDP before the COVID-19 and oil collapse (2020)
Today is less extreme than the year before every one of the 6 crises with data
Before this country's past crises (5), it read higher than in other years 77% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (FS.AST.PRVT.GD.ZS) 1962โ2025
Banksโ own capital relative to their assets.
11.4 % of assets
2025
Higher than 50% of years since 2007
Danger up from 24 a year ago
Median 11.4 % of assets ยท usual range 10.3 % of assets to 12.1 % of assets
The year before past crises: median 11.1 % of assets, from 10.9 % of assets before the Global financial crisis (2008) to 11.2 % of assets before the COVID-19 and oil collapse (2020)
Today is less extreme than the year before every one of the 3 crises with data
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (FB.BNK.CAPA.ZS) 2007โ2025
Non-performing loans as a share of all bank loans.
1.4 % of loans
2025
Lower than 92% of years since 2007
Danger down from 24 a year ago
Median 2.22 % of loans ยท usual range 1.41 % of loans to 7.38 % of loans
The year before past crises: median 3.64 % of loans, from 1.78 % of loans before the COVID-19 and oil collapse (2020) to 3.85 % of loans before the Global financial crisis (2008)
Today is less extreme than the year before every one of the 3 crises with data
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (FB.AST.NPER.ZS) 2007โ2025
Bank loans relative to bank deposits.
103%
2018
Higher than 92% of years since 1965
Median 87% ยท usual range 34.8% to 103%
The year before past crises: median 97.5%, from 94.4% before the Oil price crash (2014) to 109% before the Global financial crisis (2008)
Today is at least as extreme as the year before 4 of 5 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Oil price crash (2014)
Before this country's past crises (4), it read higher than in other years 85% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (GFDD.SI.04) 1965โ2018
General government gross debt.
14.6% of GDP
2025
Higher than 59% of years since 1991
Danger up from 1 a year ago
Median 10.5% of GDP ยท usual range 3.22% of GDP to 28.4% of GDP
The year before past crises: median 7% of GDP, from 3.1% of GDP before the Oil price crash (2014) to 10.5% of GDP before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 3 of 3 crises: Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (2), it read higher than in other years 57% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: IMF World Economic Outlook (GGXWDG_NGDP) 1991โ2025
Government revenue minus spending; negative is a deficit.
24.5% of GDP
2025
Lower than 57% of years since 1985
Danger up from 55 a year ago
Median 27.5% of GDP ยท usual range 0.2% of GDP to 38.8% of GDP
The year before past crises: median 29.7% of GDP, from 13% of GDP before the COVID-19 and oil collapse (2020) to 40.4% of GDP before the Oil price crash (2014)
Today is at least as extreme as the year before 4 of 5 crises: Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014)
Before this country's past crises (3), it read higher than in other years 46% of the time; 50% is what chance would give.
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1990 (-49.9% of GDP), 1991 (-145% of GDP)
Sources: IMF World Economic Outlook (GGXCNL_NGDP) 1985โ2025
Five-year change in public debt relative to GDP.
+4.4 pp of GDP
2025
Higher than 82% of years since 1996
Danger up from 38 a year ago
Median -3.55 pp of GDP ยท usual range -14.4 pp of GDP to +5.75 pp of GDP
The year before past crises: median -2.3 pp of GDP, from -14.3 pp of GDP before the Global financial crisis (2008) to +7.1 pp of GDP before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 2 of 3 crises: Global financial crisis (2008), Oil price crash (2014)
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: IMF World Economic Outlook (GGXWDG_NGDP) 1991โ2025
Government interest payments as a share of its spending (World Bank).
0.13 % of spending
2006
Lower than 96% of years since 1993
Median 2.48 % of spending ยท usual range 0.19 % of spending to 7.8 % of spending
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (GC.XPN.INTP.ZS) 1993โ2006
Value of listed companies relative to GDP (World Bank).
109% of GDP
2025
Higher than 84% of years since 1993
Danger up from 61 a year ago
Median 83.9% of GDP ยท usual range 48.1% of GDP to 121% of GDP
The year before past crises: median 83.9% of GDP, from 83.9% of GDP before the COVID-19 and oil collapse (2020) to 83.9% of GDP before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 1 of 1 crises: COVID-19 and oil collapse (2020)
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (CM.MKT.LCAP.GD.ZS) 1993โ2025
Balance of trade, income and transfers with the rest of the world; negative is a deficit.
22.7% of GDP
2025
Lower than 62% of years since 1975
Danger up from 46 a year ago
Median 26.1% of GDP ยท usual range 10.1% of GDP to 46.2% of GDP
The year before past crises: median 36.8% of GDP, from 21.5% of GDP before the COVID-19 and oil collapse (2020) to 54.7% of GDP before the Souk al-Manakh crash (1982)
Today is at least as extreme as the year before 4 of 6 crises: Souk al-Manakh crash (1982), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014)
Before this country's past crises (3), it read higher than in other years 29% of the time; 50% is what chance would give.
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (BN.CAB.XOKA.GD.ZS) 1975โ2025
Change in the price of a US dollar in local currency: positive means the currency weakened.
-0.08%
2025
Lower than 60% of years since 1961
Danger up from 36 a year ago
Median 0% ยท usual range -3.26% to 1.58%
The year before past crises: median 1.45%, from -2.05% before the Global financial crisis (2008) to 5.29% before the Iraqi invasion (1990)
Today is at least as extreme as the year before 1 of 6 crises: Global financial crisis (2008)
Before this country's past crises (5), it read higher than in other years 63% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1973 (-9.84%)
Sources: World Bank (PA.NUS.FCRF) 1960โ2025
Central bank reserves measured in months of imports.
8.41 months of imports
2025
Higher than 83% of years since 1975
Danger up from 11 a year ago
Median 6.74 months of imports ยท usual range 4.28 months of imports to 8.99 months of imports
The year before past crises: median 6.64 months of imports, from 4.37 months of imports before the Iraqi invasion (1990) to 8.19 months of imports before the COVID-19 and oil collapse (2020)
Today is less extreme than the year before every one of the 6 crises with data
Before this country's past crises (3), it read higher than in other years 49% of the time; 50% is what chance would give.
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (FI.RES.TOTL.MO) 1975โ2025
Net inflows of foreign direct investment relative to GDP.
0.26% of GDP
2025
Higher than 72% of years since 1970
Danger up from 19 a year ago
Median 0.04% of GDP ยท usual range -0.03% of GDP to 1.08% of GDP
The year before past crises: median 0.07% of GDP, from 0% of GDP before the Souk al-Manakh crash (1982) to 0.82% of GDP before the Oil price crash (2014)
Today is at least as extreme as the year before 2 of 6 crises: Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (3), it read higher than in other years 55% of the time; 50% is what chance would give.
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1994 (6.11% of GDP), 2011 (2.12% of GDP), 2012 (1.65% of GDP)
Sources: World Bank (BX.KLT.DINV.WD.GD.ZS) 1970โ2025
How hostile supporters of opposing political camps are to each other (V-Dem experts; 0 = friendly, 4 = generally hostile).
1.29 of 4
2025
Higher than 93% of years since 1900
Danger about the same as a year ago (93)
Median 0.52 of 4 ยท usual range 0.23 of 4 to 1.21 of 4
The year before past crises: median 1.14 of 4, from 0.93 of 4 before the Souk al-Manakh crash (1982) to 1.5 of 4 before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 5 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014)
Before this country's past crises (5), it read higher than in other years 86% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1900โ2025
How frequent and large demonstrations, strikes and sit-ins were (V-Dem; 0 = virtually none, 4 = many large-scale).
1.01 of 4
2025
Higher than 72% of years since 1900
Danger about the same as a year ago (72)
Median 0.91 of 4 ยท usual range 0.38 of 4 to 1.35 of 4
The year before past crises: median 1.23 of 4, from 0.73 of 4 before the Global financial crisis (2008) to 1.77 of 4 before the Iraqi invasion (1990)
Today is at least as extreme as the year before 2 of 6 crises: Global financial crisis (2008), COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 63% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1900โ2025
How often non-state actors used violence for political ends (V-Dem; 0 = not at all, 4 = often).
0.72 of 4
2025
Higher than 88% of years since 1900
Danger about the same as a year ago (88)
Median 0.31 of 4 ยท usual range 0.29 of 4 to 0.75 of 4
The year before past crises: median 0.47 of 4, from 0.29 of 4 before the COVID-19 and oil collapse (2020) to 0.96 of 4 before the Oil price collapse (1986)
Today is at least as extreme as the year before 5 of 6 crises: Souk al-Manakh crash (1982), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 42% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1900โ2025
Strength of movements that want to change the political system fundamentally (V-Dem; 0 = practically none, 4 = very strong).
0.6 of 4
2025
Higher than 96% of years since 1850
Danger about the same as a year ago (96)
Median 0.38 of 4 ยท usual range 0.27 of 4 to 0.57 of 4
The year before past crises: median 0.28 of 4, from 0.24 of 4 before the Global financial crisis (2008) to 0.42 of 4 before the Iraqi invasion (1990)
Today is at least as extreme as the year before 6 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 12% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1850โ2025
Strength of anti-system movements times the share of experts calling them separatist or autonomist (V-Dem).
0 of 4
2025
Lower than 54% of years since 1850
Danger about the same as a year ago (46)
Median 0 of 4 ยท usual range 0 of 4 to 0 of 4
The year before past crises: median 0 of 4, from 0 of 4 before the Souk al-Manakh crash (1982) to 0 of 4 before the Souk al-Manakh crash (1982)
Today is at least as extreme as the year before 6 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 48% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1850โ2025
Five-year change in the V-Dem liberal democracy index (0-100); negative means it fell.
-15.5 points
2025
Lower than 100% of years since 1905
Danger up from 91 a year ago
Median +0.1 points ยท usual range -1.1 points to +11.1 points
The year before past crises: median +1.6 points, from -14.2 points before the Iraqi invasion (1990) to +13.8 points before the Oil price collapse (1986)
Today is at least as extreme as the year before 6 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 46% of the time; 50% is what chance would give.
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1961 (+6.1 points), 1962 (+10.1 points), 1963 (+13.7 points), 1964 (+13.8 points), 1965 (+13.2 points), 1966 (+10.4 points), 1967 (+5 points), 1981 (+13 points), 1982 (+13.9 points), 1983 (+13.9 points), 1984 (+13.9 points), 1985 (+13.8 points), 1992 (+11.1 points), 1993 (+14.4 points), 1994 (+14.4 points), 1995 (+15.6 points), 1996 (+15.3 points)
Sources: V-Dem 1900โ2025
How often "uncertainty" appears in country reports (World Uncertainty Index; Economic Policy Uncertainty for the euro area).
0.4
Q2 2026
Higher than 97% of years since 1968
Danger about the same as a year ago (97)
Median 0.08 ยท usual range 0 to 0.2
The year before past crises: median 0.07, from 0 before the Iraqi invasion (1990) to 0.18 before the Global financial crisis (2008)
Today is at least as extreme as the year before 6 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (3), it read higher than in other years 71% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: FRED WUIKWT 1968โ2026-04
Unemployment rate plus inflation.
4.54%
2025
Higher than 50% of years since 1991
Danger down from 53 a year ago
Median 4.54% ยท usual range 1.62% to 6.69%
The year before past crises: median 5.15%, from 3.3% before the COVID-19 and oil collapse (2020) to 6.98% before the Global financial crisis (2008)
Today is at least as extreme as the year before 1 of 3 crises: COVID-19 and oil collapse (2020)
Before this country's past crises (2), it read higher than in other years 14% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (SL.UEM.TOTL.ZS) 1991โ2025 ยท World Bank (FP.CPI.TOTL) 1972โ2025
Share of national income before taxes going to the richest 1% (World Inequality Database, with its estimates for gaps).
17.7%
2024
Lower than 88% of years since 1980
Danger about the same as a year ago (12)
Median 21.1% ยท usual range 17.7% to 21.1%
The year before past crises: median 21.1%, from 17.7% before the COVID-19 and oil collapse (2020) to 21.1% before the Souk al-Manakh crash (1982)
Today is at least as extreme as the year before 1 of 6 crises: COVID-19 and oil collapse (2020)
Before this country's past crises (3), it read higher than in other years 32% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Inequality Database via Our World in Data 1980โ2024
How much of the economy the state owns or directly controls (V-Dem; 0 = very little, 4 = virtually all).
1.83 of 4
2025
Higher than 75% of years since 1850
Median 1.01 of 4 ยท usual range 0.93 of 4 to 1.9 of 4
The year before past crises: median 1.84 of 4, from 1.83 of 4 before the Oil price crash (2014) to 1.9 of 4 before the Global financial crisis (2008)
Today is at least as extreme as the year before 2 of 6 crises: Oil price crash (2014), COVID-19 and oil collapse (2020)
Shown for context; not part of the score. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1850โ2025
Size of the state: government spending relative to GDP. The long-run series cover central government only, so the level is lower than the familiar general-government figure.
50.4% of GDP
2024
Higher than 64% of years since 1990
Median 45% of GDP ยท usual range 33.5% of GDP to 61% of GDP
The year before past crises: median 38.5% of GDP, from 30.4% of GDP before the Global financial crisis (2008) to 50.3% of GDP before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 3 of 3 crises: Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Shown for context; not part of the score. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1990 (123% of GDP), 1991 (209% of GDP)
Sources: IMF Public Finances in Modern History 1990โ2024
Strength of anti-system movements times the share of experts calling them leftist, socialist or communist (V-Dem).
0 of 4
2025
Lower than 84% of years since 1850
Median 0.06 of 4 ยท usual range 0 of 4 to 0.2 of 4
The year before past crises: median 0.08 of 4, from 0 of 4 before the COVID-19 and oil collapse (2020) to 0.18 of 4 before the Iraqi invasion (1990)
Today is at least as extreme as the year before 1 of 6 crises: COVID-19 and oil collapse (2020)
Shown for context; not part of the score. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1850โ2025
Strength of anti-system movements times the share of experts calling them rightist or "party of order" (V-Dem).
0.6 of 4
2025
Higher than 100% of years since 1850
Median 0 of 4 ยท usual range 0 of 4 to 0.03 of 4
The year before past crises: median 0.02 of 4, from 0 of 4 before the Souk al-Manakh crash (1982) to 0.06 of 4 before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 6 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Shown for context; not part of the score. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1850โ2025
V-Dem political corruption index (0 = none, 100 = pervasive).
34.6 of 100
2025
Higher than 65% of years since 1850
Danger up from 1 a year ago
Median 31.6 of 100 ยท usual range 31.6 of 100 to 50 of 100
The year before past crises: median 48.8 of 100, from 37.5 of 100 before the Iraqi invasion (1990) to 52.1 of 100 before the Oil price crash (2014)
Today is less extreme than the year before every one of the 6 crises with data
Before this country's past crises (5), it read higher than in other years 87% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1850โ2025
Five-year change in the V-Dem rule-of-law index (0-100).
+4.3 points
2025
Higher than 93% of years since 1855
Danger up from 4 a year ago
Median 0 points ยท usual range -1.9 points to +1.6 points
The year before past crises: median -0.8 points, from -3.3 points before the Iraqi invasion (1990) to +4.3 points before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 1 of 6 crises: COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 60% of the time; 50% is what chance would give.
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1896 (-2 points), 1897 (-2 points), 1898 (-2 points), 1899 (-2 points), 1900 (-3.7 points), 1901 (-1.7 points), 1902 (-1.7 points), 1903 (-1.7 points), 1904 (-1.7 points), 1962 (+8 points), 1963 (+8.7 points), 1964 (+8.7 points), 1965 (+7.2 points), 1966 (+4.8 points), 1976 (-1.8 points), 1977 (-4.9 points), 1978 (-3.7 points), 1979 (-3.7 points), 1980 (-4.8 points), 1981 (-1.9 points), 1987 (-2.2 points), 1988 (-3.3 points), 1989 (-3.3 points), 1990 (-7.5 points), 1991 (-6.7 points), 1995 (+5.1 points), 1996 (+5.1 points), 2002 (-1.2 points), 2003 (-1.2 points), 2004 (-2 points), 2005 (-1.9 points), 2006 (-2.2 points), 2019 (+4.3 points), 2022 (+9.7 points), 2023 (+12.7 points), 2024 (+6 points)
Sources: V-Dem 1850โ2025
Five-year change in the V-Dem freedom of expression and alternative information index (0-100).
-7.2 points
2025
Lower than 99% of years since 1855
Danger about the same as a year ago (99)
Median 0 points ยท usual range -2.5 points to +2.8 points
The year before past crises: median -2 points, from -5.8 points before the Oil price crash (2014) to +1.7 points before the Oil price collapse (1986)
Today is at least as extreme as the year before 6 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 72% of the time; 50% is what chance would give.
Low values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1950 (+4.3 points), 1951 (+4.3 points), 1952 (+4.3 points), 1953 (+4.3 points), 1954 (+4.3 points), 1960 (+2.8 points), 1961 (+5.9 points), 1962 (+5.9 points), 1963 (+6.6 points), 1964 (+6.6 points), 1965 (+4.6 points), 1966 (+3 points), 1967 (+3 points), 1990 (-9.9 points), 1992 (+7.2 points), 1993 (+6.7 points), 1994 (+6.7 points), 1995 (+13.6 points), 1996 (+12.7 points)
Sources: V-Dem 1850โ2025
How much the government represses civil society organizations (V-Dem; 0 = none, 4 = severely).
1.64 of 4
2025
Lower than 74% of years since 1850
Danger about the same as a year ago (26)
Median 2.13 of 4 ยท usual range 1.04 of 4 to 2.55 of 4
The year before past crises: median 1.58 of 4, from 1.35 of 4 before the Souk al-Manakh crash (1982) to 1.67 of 4 before the Global financial crisis (2008)
Today is at least as extreme as the year before 5 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 51% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1850โ2025
Coup attempts in the year (Powell & Thyne, via V-Dem).
0
2024
Higher than 50% of years since 1961
Danger about the same as a year ago (50)
Median 0 ยท usual range 0 to 0
The year before past crises: median 0, from 0 before the Souk al-Manakh crash (1982) to 0 before the Souk al-Manakh crash (1982)
Today is at least as extreme as the year before 6 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 50% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: V-Dem 1961โ2024
Deaths in armed conflicts the country is involved in (Uppsala Conflict Data Program, via Our World in Data).
14
2026
Higher than 91% of years since 1989
Danger up from 43 a year ago
Median 0 ยท usual range 0 to 4.9
The year before past crises: median 0, from 0 before the Iraqi invasion (1990) to 0 before the Iraqi invasion (1990)
Today is at least as extreme as the year before 4 of 4 crises: Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (2), it read higher than in other years 43% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Inequality Database via Our World in Data 1989โ2026
Unemployment of 15-24-year-olds (ILO estimates via the World Bank).
15.1%
2025
Higher than 67% of years since 1991
Danger down from 76 a year ago
Median 7.33% ยท usual range 2.89% to 15.4%
The year before past crises: median 13.6%, from 6.86% before the Global financial crisis (2008) to 15.2% before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 2 of 3 crises: Global financial crisis (2008), Oil price crash (2014)
Before this country's past crises (2), it read higher than in other years 71% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (SL.UEM.1524.ZS) 1991โ2025
People aged 65 and over per 100 people of working age.
4.03 per 100 workers
2025
Higher than 93% of years since 1960
Median 2.82 per 100 workers ยท usual range 2.13 per 100 workers to 3.81 per 100 workers
The year before past crises: median 2.51 per 100 workers, from 2.09 per 100 workers before the Oil price collapse (1986) to 4.77 per 100 workers before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 5 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014)
Shown for context; not part of the score. Shaded: past crises (hover for their names); dashed: median.Sources: World Bank (SP.POP.DPND.OL) 1960โ2025
Crude oil price (WTI) against a year earlier. Both sharp rises and falls count as the dangerous side.
52.1%
Sep 2026
Higher than 95% of years since 1947
Danger up from 65 a year ago
Median 0.57% ยท usual range -14.5% to 36.5%
The year before past crises: median 1.03%, from -12.3% before the COVID-19 and oil collapse (2020) to 22.8% before the Iraqi invasion (1990)
Today is at least as extreme as the year before 6 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 52% of the time; 50% is what chance would give.
Both extremes are dangerous. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1974 (168%)
Sources: FRED WTISPLC 1946โ2026-09
The US dollar against major currencies, against a year earlier.
-0.68%
Sep 2026
Lower than 77% of years since 1974
Danger about the same as a year ago (23)
Median 2.79% ยท usual range -4.52% to 11%
The year before past crises: median 7.24%, from -4.72% before the Global financial crisis (2008) to 11.7% before the Oil price collapse (1986)
Today is at least as extreme as the year before 1 of 6 crises: Global financial crisis (2008)
Before this country's past crises (3), it read higher than in other years 49% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: FRED TWEXBMTH 1973โ2019 ยท FRED DTWEXBGS 2020โ2026-09
Expected stock market volatility implied by S&P 500 option prices (VIX).
15.8
Sep 2026
Lower than 67% of years since 1990
Danger about the same as a year ago (33)
Median 17.6 ยท usual range 12.8 to 26.6
The year before past crises: median 15.4, from 14.2 before the Oil price crash (2014) to 17.5 before the Global financial crisis (2008)
Today is at least as extreme as the year before 2 of 3 crises: Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (2), it read higher than in other years 25% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: FRED VIXCLS 1990โ2026-09
IMF index of all commodity prices against a year earlier.
16.6%
Jul 2026
Higher than 70% of years since 1993
Danger up from 9 a year ago
Median 1.46% ยท usual range -11.8% to 25.8%
The year before past crises: median -3.01%, from -8.38% before the COVID-19 and oil collapse (2020) to 13.2% before the Global financial crisis (2008)
Today is at least as extreme as the year before 2 of 3 crises: Global financial crisis (2008), Oil price crash (2014)
Before this country's past crises (2), it read higher than in other years 35% of the time; 50% is what chance would give.
Both extremes are dangerous. Shaded: past crises (hover for their names); dashed: median.Sources: FRED PALLFNFINDEXM 1992โ2026-07
IMF food price index against a year earlier.
4.78%
Jul 2026
Higher than 64% of years since 1993
Danger up from 27 a year ago
Median 1.47% ยท usual range -8.32% to 14.7%
The year before past crises: median -0.34%, from -3.06% before the COVID-19 and oil collapse (2020) to 14% before the Global financial crisis (2008)
Today is at least as extreme as the year before 2 of 3 crises: Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (2), it read higher than in other years 35% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: FRED PFOODINDEXM 1992โ2026-07
Global Economic Policy Uncertainty index (GDP-weighted, Baker, Bloom & Davis).
242
Jul 2026
Higher than 90% of years since 1997
Danger down from 100 a year ago
Median 121 ยท usual range 71.4 to 239
The year before past crises: median 129, from 70.1 before the Global financial crisis (2008) to 235 before the COVID-19 and oil collapse (2020)
Today is at least as extreme as the year before 3 of 3 crises: Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Sources: FRED GEPUCURRENT 1997โ2026-07
News coverage of wars, terrorism and international tensions since 1900 (Caldara & Iacoviello; 100 = the 1985-2019 average).
137
Sep 2026
Higher than 88% of years since 1900
Danger up from 80 a year ago
Median 86.3 ยท usual range 45.1 to 161
The year before past crises: median 83.1, from 69.9 before the COVID-19 and oil collapse (2020) to 102 before the Souk al-Manakh crash (1982)
Today is at least as extreme as the year before 6 of 6 crises: Souk al-Manakh crash (1982), Oil price collapse (1986), Iraqi invasion (1990), Global financial crisis (2008), Oil price crash (2014), COVID-19 and oil collapse (2020)
Before this country's past crises (5), it read higher than in other years 33% of the time; 50% is what chance would give.
High values are the dangerous side. Shaded: past crises (hover for their names); dashed: median.Off the chart: 1915 (270), 1916 (260), 1917 (297), 1918 (332), 1942 (306), 1943 (344), 1944 (377)
Sources: Geopolitical Risk index (Caldara & Iacoviello) 1900โ2026-09
The government nearly ran out of cash to pay salaries.
Oil fell 70% and the budget fell into deficit.
Gulf Bank lost heavily on derivatives and was rescued.
Occupation, the burning of the oil fields and liberation.
Oil halved.
An unofficial stock market built on post-dated cheques collapsed with $94 billion of claims.