Minister of Finance and National Economy, His Excellency Sheikh Salman bin Khalifa Al Khalifa, highlighted the Kingdom of Bahrain’s strong focus on promoting sustainable growth and economic diversity. They aim to achieve these goals by implementing targeted policies and initiatives that encourage development in various sectors. This commitment aligns with the comprehensive development vision led by HM King Hamad bin Isa Al Khalifa! And receives continuous support from His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
During a panel discussion organized by Deutsche Bank at the annual meetings of the International Monetary Fund and World Bank Group in Marrakech, Morocco, the Minister emphasized Bahrain’s efforts to support and stimulate the financial sector. This sector plays a significant role in contributing to the country’s overall economic output.
As a result of implementing the Economic Recovery Plan launched in October 2021, the non-oil sector experienced a growth rate of 6.3% in 2022. This growth was driven by the recovery of the tourism, manufacturing, and trade sectors. It marked the highest GDP growth since 2012. And, the budget deficit decreased from 6.4% of GDP in 2021 to 1.1% in 2022.
Looking ahead, the Minister expressed optimism about the global economy’s performance. Expecting it to be more resilient in the face of economic risks and challenges. The world has moved past periods of economic recession. Paving the way for more stability and the restoration of industrial production and global supply chains.
The Kingdom of Bahrain remains committed to fostering sustainable economic growth and implementing measures that support its developmental aspirations.
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