Finance Minister unveils Bahrain’s economic success amidst recovery plan

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

The Ministry of Finance and National Economy, under the leadership of His Excellency Shaikh Salman bin Khalifa Al Khalifa, unveiled significant achievements in its Economic Recovery Plan during a session addressing MP Ahmed Al-Salloom’s inquiries.

Launched in 2021, the plan, aligned with His Majesty the King’s vision, focuses on five key priorities and 27 strategic programs, aimed at fostering sustainable growth and prosperity. Collaborating with relevant organizations, the ministry successfully concluded 22 of the 27 recovery programs.

These achievements include surpassing expectations by providing employment opportunities to 59,528 citizens and training 21,422 individuals from 2022 to 2023. Additionally, the ministry attracted foreign investment by streamlining business processes, finalized 13 projects worth a combined $30 billion, and witnessed a remarkable 6.6% growth in the non-oil GDP in 2022.

Notably, the deficit was reduced by 83% in the same year. Paramount importance MP Al-Salloom emphasized the paramount importance of economic development, while MP Ahmed Qarata expressed concerns about the nation’s economic challenges, including deteriorating standards of living and unemployment.

“Economy and economic development should be our main focus at the moment. We strive to make the economy our main priority in our struggle to achieve sustainable development and provide a dignified life standard to our citizens,” emphasized MP Al-Salloum.

“Bahraini citizens are extremely concerned about the current economic difficulties the nation faces, including deteriorating standards of living, labor market challenges and unemployment, decreasing demand for goods and services, and state budgets and the deficit brought on by public debt,” stressed MP Qarata.

Strategic focus Shaikh Salman highlighted the ministry’s strategic focus on key sectors such as tourism, logistics, finance, telecommunications, and oil and gas in the economic recovery plan.

“The economic recovery plan specifically targets the aforementioned industries since they provide the most promising opportunities for residents to pursue career and investment options,” Shaikh Salman affirmed. Additionally, the minister announced a 50% decrease in the budget deficit of social insurance in 2023.