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Despite its diversified economy, Bahrain has nonetheless faced pressures in recent years as a result of the 2014-15 drop in global oil prices. However, a multibillion-dollar aid package from other Gulf states and an accompanying fiscal adjustment plan, as well as growth following a partial oil price recovery and a major oil and gas discovery, offer hope for an economic turnaround in 2019.
Despite ongoing fiscal challenges, Bahrain’s economy proved resilient throughout 2019, with the World Bank projecting growth of 1.8%. While expansion of the non-oil economy is expected to slow from 2.5% to 2.2%, the oil sector is due to move back into the black (0.2%), reversing the 1.2% contraction recorded the previous year.
Bahrain is capitalising on the recent visit of Narendra Modi, Prime Minister of India, with the two countries signing a raft of collaboration agreements amid ongoing economic cooperation.
A mixture of spending cuts, revenue-raising measures and financial support from regional neighbours will form the core of Bahrain’s newly unveiled programme designed to reduce its deficit and return to surplus by 2022.
The kingdom is among the smaller economies in the GCC, but is also one of the most diversified, with particularly well-developed financial services and manufacturing sectors. Despite its diversified economy, Bahrain has nonetheless faced pressures in recent years as a result of the 2014-15 drop in global oil prices. However, a multibillion-...
In what ways has the growth of public-private partnerships (PPPs) restructured Bahrain’s economy?