The Kingdom of Bahrain’s economy grew faster this decade, according to a report from Bahrain’s Ministry of Finance and National Economy.

The nation’s yearly economic report stated that the real GDP  growth rate of the nation rose by 4.9 percent in 2022, marking a ten-year high. The Kingdom’s non-oil real GDP climbed by 6.2 percent, the highest rate since 2012, and it is higher than the yearly target of 5 percent set by Bahrain’s economic policy, according to the report.

Results from Bahrain’s five-pillar approach are encouraging, while the goal of this five-pillar strategy, which was introduced in 2021, is to support the post-Covid-19 recovery and increase the economy’s long-term competitiveness.

With over $30 billion committed for investment and considerable labor market and regulatory reform to increase the ease of doing business, the plan is one of the greatest reform projects ever undertaken by the Kingdom.

“The government of Bahrain has spent many years working diligently and carefully to lay the groundwork for a sustainable, diverse, and prosperous economy.”, according to Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy.

He stated that the favorable results announced today are the culmination of this work.

The report also revealed that Bahrain has witnessed a decrease in its deficit to GDP to -1.1 percent, a decrease in its debt to GDP to 100%, and a primary surplus of 3.3 percent. These figures also reflect the Kingdom’s initiatives to accelerate economic expansion and put in place prudent financial management practices.

The comprehensive Economic Recovery Plan, which was introduced in 2021 and is an investment in the citizens, enterprises, and future of Bahrain, has been at the center of these efforts. Shaikh Salman emphasized that these achievements are a declaration of the intention to achieve long-term fiscal sustainability, a balanced budget by 2024, and a prosperous economy for all citizens of the Kingdom.

Source:  Arabian Business