HRH CP forecasts economic growth to exceed four per cent this year
Bahrain has all the growth credentials despite the festering repercussions of the global financial crisis, His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and Economic Development Board (EDB) Chairman said to CNBC World.
Bahrain’s economy grew by 3.3% last year which is a positive achievement in itself, he stressed forecasting growth to top 4% this year and 5% in 2012. He also added that growth will touch all sectors in Bahrain since the kingdom is keen to preserve all vital sectors and provide various industries and services in the region which will ensure economic security and stability.
Oil accounts for 13% of the Gross Domestic Product (GDP) while the financial sector is the biggest with 27% followed by the industrial sector which contribute 16%, HRH the Crown Prince revealed. Bahrain continues to attract foreign investments thanks to its transparency and clarity, he said.
Citing the economic vision, he explained that the aim was to reach an exclusive growth for citizens and bring about a qualitative change from a people relying entirely on oil and getting an income through non-productive means into a productive people. We have to look beyond oil and think about how to transform into a services centre and develop skills so as to diversify economic resources and achieve competitiveness at the international level, HRH the Crown Prince affirmed.
We have to think collaboratively. We can no longer be a single-hub society, he said. We are thinking about growing the pie and having a smaller slice, but remaining relevant by investing in certain niches, by developing sectors we think provide the best potential for rapid growth and productivity, he noted.
As for the Iranian nuclear issue, HRH the Crown Prince said to ensure regional stability Iran, which he described as a big neighbour, has to cooperate with the world for the sake of a more open vision serving the general interest and leading to an economic boom.
