-4c191240-d65d-4dca-9f47-9a028541e544.jpeg)
Manama, Mar. 28 (BNA): Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa affirmed that the Kingdom is on the right track to implement all its plans, programs and priorities aimed at supporting economic growth and advanced development. tracks.
This will enhance the growth of the country and benefit the citizens, in light of the comprehensive development process led by His Majesty King Hamad bin Isa Al Khalifa and with the support of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. He stressed the importance of harnessing all potentials, doubling joint efforts, and continuing to build on the promising development achievements that were achieved thanks to the will and determination of Team Bahrain.
The Minister of Finance and National Economy made these statements during his meeting here today with the chief editors of local newspapers, and reviewed with them the economic results for the year 2022 and the positive indicators they contained.
The Kingdom’s annual economic report, announced by the Ministry of Finance and National Economy, provided details showing that Bahrain’s real GDP growth reached 4.9% in 2022, the highest rate since 2013.
The economic report revealed that Bahrain witnessed real non-oil GDP growth of 6.2%, the highest rate since 2012 and more than the annual target of 5% set by the kingdom’s economic recovery plan.
The five-year plan, which was launched in 2021, aims to enhance the economy’s long-term competitiveness and support post-COVID-19 recovery. It is one of Bahrain’s largest reform programmes, spurring more than $30 billion in investment, a large labor market and regulatory reform to improve the ease of doing business.
The Kingdom also recorded a decrease in the deficit to GDP to -1.1%, a decrease 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 programs aimed at achieving the desired economic growth. Financial sustainability will continue.
He praised the positive results achieved, which reflect the success of the Bahrain team in implementing all the main priorities and objectives on which the economic recovery plan was based.
The Minister of Finance and National Economy indicated that the Kingdom is committed to implementing the financial balance program, which aims to reach a point of financial balance between expenditures and revenues by 2024, in a way that contributes to achieving financial sustainability and economic growth.
He highly valued the prominent and pioneering role played by the local press as key and active partners in supporting the nation-building and development paths for the good of the Kingdom and its citizens.
He praised the tremendous efforts made by the highly professional competencies of the local press in order to achieve the desired goals and aspirations and achieve further development and prosperity for the benefit of the Kingdom.
M