Bahrain’s reforms to move its economy away from oil reliance have made it a leader in terms of “improving diversification” in the Middle Eastern markets, new research from Standard Chartered has shown. The Trade20 index that examines the progress of markets around the globe identifies Bahrain as one of the rising stars of global trade.
Bahrain’s efforts to “move its economy away from a reliance on oil and develop its manufacturing, finance, and service sectors are paying off,” the report says.
Oman and the UAE are the other economies in the Trade20 index from the Middle East.“All three markets have become important trading hubs,” the index released last week at Sibos in London says identifying the improvements in export diversity.
Trade20 examines the progress made across 12 metrics by 66 economies to reveal the 20 economies that are most rapidly improving their trade growth potential.
The index judges the potential for an individual economy to grow its trade rather than outright trade potential. 15 of the Trade20 markets identified are in Asia-Pacific, Africa or the Middle East as emerging markets dominate.
Almost half of the index is made up of Asia, with India, China, Vietnam, Indonesia, Thailand, Hong Kong, Sri Lanka, Singapore, and the Philippines making it into the top 20.