Bahrain’s economy is on a strong footing after last year growing at its fastest pace in a decade, driven by continued fiscal reforms and improved finances amid higher oil prices, the International Monetary Fund said.
The kingdom’s economy, which expanded by 4.9 per cent in 2022, spurred by a 6.2 per cent surge in non-oil gross domestic product, is projected to moderate to 2.7 per cent in 2023, the IMF said in a statement at the conclusion of Article IV consultations with Bahrain.
Non-oil GDP this year is expected to moderate to 3.3 per cent, reflecting “fiscal consolidation, higher interest rates, and a base effect from 2022 strong growth”.
The overall economic growth is projected to stabilise at about 2.7 per cent over the medium term.
However, “significant uncertainty clouds the forecast, including from oil price volatility, international financial turmoil and ongoing tightening, and a slowdown in global growth,” the Washington-based fund said.
Bahrain, the smallest economy in the six-member GCC economic bloc, has bounced back strongly from the pandemic-induced slowdown, driven by robust growth in its non-hydrocarbon economy.
The non-oil sector's contribution to real GDP reached an all-time high at 83.1 per cent last year. Higher oil prices following Russia's military assault on Ukraine also supported its economy.
In May, S&P Global Ratings affirmed Bahrain’s credit rating and maintained the kingdom’s positive outlook on reform momentum and continued financial sector stability.
The rating agency affirmed Bahrain’s long and short-term foreign and local currency sovereign credit ratings at B+/B, which indicates the country will be able to meet its financial commitments.
With the economic recovery well under way, the state budget deficit declined significantly, narrowing to 1.2 per cent of GDP in 2022, from 6.4 per cent in 2021.
Bahrain’s overall fiscal deficit declined from 11 per cent to 6.1 per cent of GDP. Government debt also declined to 117.6 per cent of GDP in 2022 from 127.1 per cent of GDP in 2021, underpinning the improving financial stability of the kingdom, the IMF said.
IMF directors welcomed the authorities’ “continued commitment to implementing reforms under the Fiscal Balance Programme, including the progress so far to enhance non-hydrocarbon revenue mobilisation and the continued spending restraint”.
To strengthen its economy, Bahrain unveiled a major economic reform plan in 2021 that seeks to invest about $30 billion in strategic projects to drive post-coronavirus growth, boost employment for citizens and attract foreign direct investment.
As per the multi-year plan, the government adopted cost rationalisation measures and aims to create more than 20,000 jobs for citizens annually and train 10,000 people through its Tamkeen programme.
The IMF encouraged the authorities to continue improving labour market flexibility and empowering women, as well as leveraging opportunities from regional integration.
The fund also said that the exchange rate peg “continues to serve Bahrain well as a monetary anchor”.
Fiscal consolidation and structural reforms will support the kingdom’s external position, while its monetary policy should continue to follow the US Federal Reserve.
Bahrain’s banking system is healthy with ample buffers and has so far withstood the phasing out of Covid measures and tightening financial conditions, the IMF said.
Results
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Engine: 80 kWh four-wheel-drive
Transmission: eight-speed automatic
Power: 402bhp
Torque: 760Nm
Price: From Dh280,000
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE currency: the story behind the money in your pockets
More on animal trafficking
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
MATCH INFO
English Premiership semi-finals
Saracens 57
Wasps 33
Exeter Chiefs 36
Newcastle Falcons 5
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
CHATGPT%20ENTERPRISE%20FEATURES
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The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
COMPANY%20PROFILE
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A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
