As the region faces up to the challenge of the recent drop in oil prices, Bahrain’s fundamentals indicate the kingdom is well positioned to weather the dip. The focus on diversification goals outlined in Economic Vision 2030 is helping establish a more competitive and sustainable economy in the kingdom. The financial sector, which represents Bahrain’s second-largest GDP contributor, has continued to recover robustly since the global economic downturn.
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.
Bahrain has weathered the effects of a difficult global economic period well, and its recovery has been solid, demonstrating the strength and flexibility of its economy. The government’s drive to diversify away from oil and gas dependence has been renewed, and a wealth of ambitious non-oil sector projects – from infrastructure to renewable energy technology – is now in the pipeline.
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