Bahrain Boosts Resilience and Opportunity with the Foundation of Economic Vision 2030

TDT | Manama

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Bahrain's economy is demonstrating strong growth, according to a report by Travel and Tour World, fueled by the Kingdom's ambitious Economic Vision 2030.

This long-term socio-economic development plan, as detailed in the Travel and Tour World report, underscores diversification, innovation, and a robust private sector, attracting substantial foreign investment. The report projects that Bahrain's GDP growth will exceed the 2014-2023 average of 1.9%, signifying accelerated economic momentum.

The energy sector is recovering from production constraints experienced last year following the maintenance of Abu Sa’afa oilfield, while the non-energy sector, particularly tourism and financial services, continues to thrive, according to the Travel and Tour World article. This diversification is crucial to Bahrain's economic resilience, mitigating the impact of global energy price volatility.

Diversification and Resilience: A Strategic Focus

Bahrain's dynamic financial services sector plays a pivotal role in supporting private-sector diversification. The Travel and Tour World report highlights the Central Bank of Bahrain's efforts in creating a business-friendly environment, especially for startups and SMEs, as key to this success. "This strategic approach has been instrumental in maintaining economic stability," the report stresses, adding: "Ongoing investments in infrastructure and human capital further solidify Bahrain’s economic foundation. By nurturing a skilled, future-ready workforce and prioritising sectors beyond oil and gas, the Kingdom is well-positioned to sustain growth and attract international companies."

Prioritising Economic Diversification

The expansion of Bahrain's stock market is a key component of Economic Vision 2030, designed to broaden economic diversification. The Travel and Tour World report stresses that initiatives to deepen capital markets are creating new investment opportunities and driving long-term growth. This is complemented by the government's focus on establishing a favourable fiscal and regulatory landscape, making Bahrain an attractive destination for global investors, as stated in the Travel and Tour World article.

"As the Kingdom continues its journey towards realising the goals of Economic Vision 2030, Bahrain’s commitment to innovation, sustainability, and economic diversification positions it as a regional hub of growth and opportunity in the years ahead," the report concluded.