Bahrain on right track to achieve its economic goals, says Finance and National Economy Minister
Manama, Mar. 28 (BNA): Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa, has affirmed that the Kingdom is on the right track to implement all its plans, programmes and priorities aimed at supporting economic growth and advanced development paths.
This will enhance growth for the homeland and benefit the citizens, in light of the comprehensive development process, led by His Majesty King Hamad bin Isa Al Khalifa, and supported by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, he said, stressing the importance of harnessing all potentials, stepping up joint efforts and continuing to build on the promising development achievements attained thanks to the will and determination of Team Bahrain.
The Minister of Finance and National Economy made the statements while meeting here today the editors-in-chief of local newspapers, with whom he reviewed the economic results for the year 2022 and the positive indicators they contained.
The Kingdom’s annual economic report, announced today by the Ministry of Finance and National Economy, gave details showing that Bahrain's Real GDP growth had reached 4.9% in 2022, the highest rate since 2013.
The economic report revealed that Bahrain had witnessed 6.2% non-oil Real GDP growth, the highest rate since 2012 and in excess of the 5% annual target set by the Kingdom’s Economic Recovery Plan.
Launched in 2021, the multi-year, five-pillar plan aims to enhance the economy’s long-term competitiveness and support post-COVID-19 recovery. It is one of Bahrain’s largest ever reform programmes, with over $30bn catalysed for investment and significant labour market and regulatory reform to improve the ease of doing business.
The Kingdom also reported a drop in Deficit to GDP to -1.1%, a drop in Debt to GDP to 100%, and a primary surplus of 3.3%.
In this regard, the minister praised the prominent and important role played by the private sector as a key and active partner in developing economic sectors and increasing economic diversification, noting that the implementation of all specific initiatives and programmes aimed at achieving the desired economic growth and financial sustainability will continue.
He commended the positive results achieved, which reflects Team Bahrain’s success in implementing all the main priorities and objectives on which the Economic Recovery Plan was based.
The Finance and National Economy Minister indicated that the Kingdom is committed to implementing the Fiscal Balance Programme, which aims to reach the point of financial balance between expenditures and revenues by 2024, in a way that contributes to achieving financial sustainability and economic growth.
He valued highly the prominent and pioneering role played by the local press as essential and active partners in supporting the paths of nation-building and development, for the benefit of the kingdom and its citizens.
He commended the tremendous efforts exerted by the highly-professional competencies of the local press in order to achieve the desired goals and aspirations and bring about further development and prosperity for the benefit of the Kingdom.