The economy of Bahrain continues to grow by 2.7
February 28, 2020
The economy of Bahrain is projected to increase by 2.7 percent in 2020 led by a rise in the non-oil sector, which is also set to grow by 3.1 percent, reported by the Ministry of Finance and National Economy.
By 2022 the number of visitors to Bahrain will increase from 7 million to 15 million. Omar al-Ubaydli, current director of studies and research at the Bahrain Center for Economic, Financial and Energy Studies (Derasat), predicted to see a gradual rise in oil prices in 2020.
Ubaydli noted that an increase in oil prices would positively reflect across all sectors. He also predicted that the tourism industry will continue improving due to the success of the Kingdom’s strategic tourism strategy, which helped attract tourists from all over the world, and decreased previous reliance on tourists from the Gulf.
Ali al-Moulani, president of the Bahraini Economists Society, anticipated the financial services sector to grow in 2020, attributing it to the regulatory environment in Bahrain designed to capture financial technology services.
Infrastructure projects should also actively support Bahrain’s economic growth. A number of projects costing more than $6 billion had already been implemented out of a total of $32 billion. With a valuation of $7.5 billion, service projects are expected to be developed in the manufacturing, energy, healthcare, and education sectors. Industrial facilities in the copper, oil, and gas industries will be worth 10 billion dollars, with private investment in real estate, tourism, and $15 billion in manufacturing.
The Kingdom is planning to launch a $1.1 billion expansion plan for Bahrain International Airport, which will help to increase the capacity of the airport to 14 million passengers per year.