However, Bahrain’s economy has been small compared to many in the region, but it has built a resilient economy. Bahrain is on its way to diversification and sustainable growth, its efforts to do so already setting the pace for the rest of the Gulf Cooperation Council (GCC). Here we’ll tell you at al akhbar:
Historical Context
The oil industry has long been the topic of Bahrain’s GDP. Yet the government knew of the trade of oil prices volatility and enacted the reforms to reduce dependency on hydrocarbons. This foresight had allowed, to diversify economics through various facets of finance, manufacturing and tourism.
Financial Services Hub
Bahrain has already entered the Middle East’s league of financial services hubs. The development is important to Bahrain Financial Harbour and the Bahrain Economic Development Board (EDB). They have friendly investment regulation, and foreign banks are running into the country. In fact, the financial sector actually participates very much in the GDP of Bahrain and they produce jobs and promote economic activity.
Manufacturing and Industry
The country’s manufacturing sector in Bahrain has been growing tremendously due to government initiatives to industrialize. Key industries are aluminum production, petrochemicals, and food processing. The availability of the Bahrain International Investment park has reduced the headache for manufacturers to create an ideal environment for them to run in ways that will be sustainable and where they will have the required infrastructure and support made available. In addition to diversifying the local economy into manufacturing, it brings good paying work to the local workforce.
Tourism Potential
According to al akhbar, Bahrain is increasingly interested in the importance of tourism due to the fact that its economic diversification strategy is revolving around tourism. The country has so many pretty exciting events and it’s rich with its cultural heritage and historic sites and it seeks for the regional and international tourists. Part of this initiative is developing Bahrain Bay and, in the hotel and entertainment services sector, expansion. I can remain confident that tourism in particular was very successful in creating an economic base, with the expectation of making a large contribution to the economy with revenue generation.
That’s why we talk about al akhbar Bahrain’s economic resilience and foresight. The nation is diversifying and will depend on finance, manufacturing and tourism to get it out of a post oil economy. As Bahrain goes ahead with its Vision 2030 plans, the prospects for continued growth and development are what are promising. Anchored upon a strong base and drive to progress, the progress globally current state and adventure of the global economy index is also improving in Bahrain.