TDT | Manama The Daily Tribune – www.newsofbahrain.com His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, has stressed the importance of continuing joint efforts to achieve Bahrain's economic recovery goals. HRH Prince Salman noted t
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, has stressed the importance of continuing joint efforts to achieve Bahrain’s economic recovery goals.
HRH Prince Salman noted that the goals are aimed at further creating opportunities to support the national economy and enhance Bahrain’s competitiveness in accordance with the visions and aspirations of His Majesty King Hamad bin Isa Al Khalifa.
Also serving as chairman of the Economic Development Board (EDB), His Royal Highness remotely chaired the EDB board meeting. Bahrain’s economic progress was discussed in light of the exceptional circumstances imposed by the coronavirus (COVID 19).
He highlighted the successful efforts of Team Bahrain, which has thus far supported Bahrain’s economic development plans. HRH also noted the EDB’s contribution to attracting investments into Bahrain, which assists with diversifying the economy, boosting economic growth, and supporting economic recovery.
HRH Prince Salman commended the public and private sectors for their contribution to Bahrain Economic Vision 2030 and noted the support provided by The Legislative Authority. He stressed the importance of creating promising opportunities for citizens, a priority of the Economic Recovery Plan, which must be kept in mind when attracting development projects.
EDB Chief Executive Khalid Humaidan presented the board with the latest economic indicators and its efforts to attract investments. Bahrain continues to be amongst the fastest-growing economies in the GCC.
The International Monetary Fund (IMF) estimated a GDP growth rate of 2.4% in 2021 and expects a 3.1% GDP growth in 2022. This growth is mainly driven by non-oil GDP which is forecasted to grow by 5% in 2022 compared to 3.2% in 2021, according to the Ministry of Finance and National Economy.
Foreign Direct Investments (FDI) in Bahrain grew by $1 billion in 2020, while FDI stock relative to GDP in Bahrain stood at 91% – almost double the world average of 49%.
