Featured by OBG
Bahrain has seen its economy expand through diversification efforts, with a focus on finance, industry and technology. Projects in infrastructure, digital transformation and tourism aim to drive growth and attract foreign investment. The kingdom is committed to sustainability, targeting a 30% reduction in carbon emissions by 2035. The financial sector is a key contributor with innovation in financial technology, and the insurance market is expected to benefit from the rollout of a mandatory health insurance scheme in early 2025. The government is also investing in renewable energy, aiming for 5% of energy to be sourced by renewables by 2025. Bahrain is also enhancing its transport sector with a $30bn expansion plan. With additional developments in the industrial sector, ICT, and education Bahrain continues to evolve as an attractive investment destination.
Given the significant foreign direct investment needed to achieve its development goals, Mongolia has strong motivation to improve its attractiveness to investors. The government is therefore adjusting its policies, while new laws are expected to gradually reinvigorate foreign investment flows.
Fresh from a rebasing exercise in April 2014 that boosted 2013 GDP by 89% to $509.97bn, Nigeria now ranks not only as Africa’s most populous country, but also as its largest economy. It has long played an outsized regional role, making up 76% of West Africa’s GDP and around 60% of its population.
Hydrocarbons revenues, specifically from liquefied natural gas, still form the bulk of Qatar’s national income. However, as the country moves forward with Qatar National Vision 2030 (QNV 2030), the government is increasingly seeking to diversify the economy away from hydrocarbons while investing in renewable solutions to meet the energy demands of the future.
The Philippine economy is gradually on the rise, largely driven by its business process outsourcing, industry and construction sectors. The average pace of growth in the Philippines in the first half of the decade was 6.3%, compared to 6% in Indonesia, 5.8% in Malaysia and Vietnam, and 3.6% in Thailand.
Hydrocarbons revenues still form the bulk of Abu Dhabi’s GDP and while falling prices are a concern, the emirate has been moving steadily towards its economic diversification targets in line with Abu Dhabi Economic Vision 2030. The past 10 years has seen the non-oil sector expand strongly on the back of business-friendly government policies, as a result of which non-oil sector growth now outpaces that of the oil sector.
