Bahrain Economy Among the Most Improved Globally: World Bank
Bahrain has been ranked among the top-10 most improved economies in the world in this year’s Doing Business 2020 report, up 19 places to 43rd place since last year in the World Bank’s assessment of 190 countries.
The most improved economies are selected 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, making it easier to do business in nine areas measured in the Doing Business ranking, which evaluates a number of vital indicators of various commercial activities.
This has contributed to the Kingdom benefitting from increased levels of Foreign Direct Investment (FDI), which grew from US$65 million in 2015 to US$1515 million in 2018, according to the UNCTAD World Investment Report 2019.
In 2018, Bahrain recorded an annual real GDP growth rate of 2.2% as well as 3% growth in non-oil sectors.
Commenting on the news, His Excellency Zayed R. Alzayani, the Minister of Industry, Commerce and Tourism said: “We welcome the recognition of Bahrain as one of the top ten most improved economies in the world in this year’s Doing Business 2020 report by the World Bank.
“The tireless efforts of Team Bahrain, which is made up of the Executive Authority, Legislative Authority, Judicial branches, private sector, and NGOs, has been acknowledged globally.
“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.”
In the Doing Business Report 2020, the World Bank identified Bahrain as having made a number of reforms with regard to enforcing contracts, getting credit, trading across borders and dealing with construction permits, among others.