Bahrain Economy on Strong Footing After Growing at Fastest Pace in Decade: IMF
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.
