According to the kingdom's annual economic report, Bahrain's gross domestic product (GDP) will increase by 4.9% in 2022. This is the fastest pace of growth since 2013, primarily fueled by increased non-oil GDP and private sector involvement in economic activity.
Shaikh Salman bin Khalifa Al Khalifa, the minister of finance and national economy, talked in a virtual meeting with the editors-in-chief of regional newspapers, praising the private sector for its crucial contribution to the growth of economic sectors and boosting economic diversification.
During the meeting, Shaikh Salman complimented the private sector's prominent and significant role as a crucial and active partner in strengthening economic sectors and boosting economic diversification.
He said all the programs and activities implemented to achieve the desired economic growth and financial stability would continue.
Bahrain had also managed to reduce its debt to GDP to 100%, drop its deficit to GDP to -1.1%, and produce a primary surplus of 3.3%, according to the report. This is consistent with the Fiscal Balance Program's goal of achieving a financial balance between income and expenditures by 2024.
According to the economic report, Bahrain's non-oil Real GDP increased by 6.2%, above the 5% yearly target outlined in the Kingdom's Economic Recovery Plan. The multi-year, five-pillar plan, introduced in 2021, aims to boost the economy's long-term competitiveness and help the post-Covid-19 recovery. With nearly $30 billion in investment catalyzed and considerable labor market and regulatory reform to increase the ease of business, it is one of Bahrain's largest-ever reform programs.
The increase in GDP could be attributed to Bahrain's Tamkeen program. The program consistently tries to enable the private sector to contribute to the economy by supporting the growth of small and medium-sized enterprises (SMEs) growth.
SMEs play a crucial role in the Bahraini economy, and the Tamkeen program provides a range of support services to help these businesses to start up and grow. The program also supports the development of key sectors of the economy, such as tourism, manufacturing, and healthcare, which have been identified as key growth sectors for Bahrain.
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