Cover of The Report: Bahrain 2013

The Report: Bahrain 2013

Bahrain has remained largely insulated from international external risks and has weathered the global economic shocks of the recent past relatively well. At the height of the international financial downturn, for example, the kingdom avoided falling into recession and even achieved real GDP growth of more than 6% in 2008 and over 3% in 2009. 

The economy has also weathered other challenges, including political unrest, and several ratings agencies have indicated confidence in the country’s economic outlook. Economic Vision 2030, Bahrain’s long-term development strategy, outlines plans to build upon the kingdom’s successes through further diversification of the economy.

The main objectives of the strategy include establishing a more competitive and sustainable economy that supplies nationals with improved employment options. The plan also takes into account the need to integrate environmental considerations into development and infrastructure projects in line with the 2006 National Environmental Strategy.

Looking forward, the kingdom will need to address several challenges such as government debt, youth unemployment and increased competition in the finance sector from nearby competitors.

OBG & Bahrain