Bahrain Economy

Chapter | The Guide from The Report: Bahrain 2020

The guide contains listings of some of the leading hotels and resorts in Bahrain and contacts for important government offices and services. It also contains useful tips and information for first-time or regular and business and leisure visitors alike.

Bahrain pioneered oil production in the Middle East beginning in the 1930s, establishing the region’s initial framework for the petroleum industry. Some 90 years later oil and gas operations comprise 18% of GDP, with the economy well diversified to host established financial services and industrial sectors, as well as unique tourism offerings.

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As oil prices reach 7.5-year highs, a number of countries in the Middle East have unveiled fiscal measures designed to balance their budgets after two years of pandemic-related spending.

What must banks consider when adapting their organisation and activities to environmental, social and governance (ESG) principles?

On the back of higher oil prices and a stronger global economic environment, the Middle East returned to growth in 2021, with a number of governments taking the opportunity to implement long-term plans aimed at diversification and modernisation.

Bahrain entered the pandemic with the most diversified economy in the GCC, which meant it was not overly susceptible to the sharp drop in the oil market. 

With Saudi Arabia announcing plans to raise $55bn through its privatisation programme, Gulf countries are stepping up efforts to stimulate private investment in public assets and projects, with a view to strengthening state finances, spurring diversification and driving their respective Covid-19 recoveries.

– Economies in the region were hit by reduced trade volumes and lower oil prices

– Governments launched extensive stimulus packages to stabilise their economies

– Short-term recovery will be tied to oil prices and the resumption of travel

– The pandemic looks set to accelerate economic diversification efforts

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