Team Bahrain vital for economic growth

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

Team Bahrain’s efforts to implement the Economic Recovery Plan were commended by the Cabinet, noting its positive contribution to Bahrain’s economic growth.

The Cabinet thanked those who contributed to Bahrain’s economic success and urged them to continue development efforts with the same determination.

This came as His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, yesterday chaired the weekly Cabinet meeting at Gudaibiya Palace.

The Cabinet discussed a memorandum submitted by the Minister of Finance and National Economy on Bahrain’s quarterly economic report for Q2 of 2022. The report outlined the outcomes of implementing the Economic Recovery Plan, as Bahrain recorded remarkable growth during the second quarter of 2022 YoY.

The quarterly report shows that the total Real GDP grew by 6.9% in Q2, the highest YoY growth rate since 2011, while the non-oil sector grew by 9%. It also revealed positive economic growth driven by the strong performances of the non-oil sectors thanks to the Economic Recovery Plan.

Positive outcomes

The Cabinet highlighted the outcomes of the meeting held by His Majesty King Hamad bin Isa Al Khalifa and the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud.

It lauded the meeting for strengthening the everlasting relations of cooperation and coordination between both countries. The Cabinet also highlighted the meeting held between HM the King and the Crown Prince, Deputy Prime Minister and Minister of Defence of Saudi Arabia, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud.

In this regard, the Cabinet noted Saudi Arabia’s pivotal role in consolidating regional security, stability, and peace. The Cabinet noted that the mediation led by HRH Prince Mohammed bin Salman is a leading diplomatic and humanitarian initiative to settle regional and international disputes by diplomatic means and support regional and global peace and stability.

In this regard, the Cabinet noted the success of the Saudi mediation in releasing 10 prisoners as part of the prisoner exchange process between Russia and Ukraine.