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World Bank: Bahrain among Top 10 most improved economies

Bahrain’s FDI grew 2,230% in three years from $65m (AED238m) in 2015 to $1.5bn (AED5.5bn) in 2018

World Bank recognises Bahrain among Top 10 most improved economies
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World Bank recognises Bahrain among Top 10 most improved economies

Bahrain has been ranked among the Top 10 most improved economies in the world, according to the World Bank’s Doing Business 2020 report, up 19 places to 43rd in an assessment of 190 countries, that is based on the number of economic programs and legislative reforms each country has enacted, and on how much their ease of doing business score improved.

As part of its Economic Vision 2030, Bahrain has implemented a comprehensive economic reform programme, which has contributed to a significant 2,230% increase in foreign direct investments (FDI), which grew from $65m (AED238m) in 2015 to $1.5bn (AED5.5bn) in 2018, according to the UNCTAD World Investment Report 2019.

In 2018, Bahrain recorded an annual real GDP growth rate of 2.2%, including a 3% growth in non-oil sectors.

The World Bank identified that Bahrain has made reforms in enforcing contracts, dealing with construction permits, registering property, protecting minority investors, receiving credit, resolving insolvency, trading across borders, getting electricity, and paying taxes.

Commenting on the ranking, minister of Industry, Commerce, and Tourism, HE Zayed R Alzayani, said: “Although being recognized among the top ten most improved economies internationally is in itself an honour for Bahrain and its people, we stress that our aspirations do not stop here. We will continue developing our economic programs and initiatives, and capitalising on the opportunities offered to us by regional growth.”

Alzayani added: “We aspire to further develop and strengthen our economy by enhancing our economic diversification efforts, and by improving Bahrain’s business environment in order to provide opportunities for both local and foreign investors.”

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Construction Week - Issue 754
Nov 23, 2019