Bahrain's GDP forescast slips from 5.2% to 2.2%

HRH Crown Prince and the Chairman of the EDB Prince Salman bin Hamad Al Khalifa chairing the EDB board meeting
The Economic Development Board CEO Shaikh Mohammed bin Isa Al Khalifa highlighting the salient features of the economic climate in the kingdom and EDB’s Executive plan for 2012, said that the national economic growth went down from 5.2% to 2.2% as a result of the regretful events that the country went through last year.

Shaikh Mohammed while briefing the meeting of the EDB Board, said that the EDB’s Executive Plan would focus on ways of maintaining a balanced economic growth in the short run through create job opportunities and addressing the housing problem and increasing families’ average income.

The plan also contained tangible steps to implement the visions of the National Consensus Dialogue in cooperation with the concerned sides.

He also affirmed that EDB will focus its attention on wooing added value investments in prioritized sectors and double its efforts in order to maintain the kingdom’s position a hub of financial services in the region.

Earlier, His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and Chairman of the Economic Development Board (EDB) has asserted that thanks to His Majesty King Hamad bin Isa Al Khalifa’s pioneering Reform Project, the plans and comprehensive national programmes, reflected in the Economic Vision for Bahrain, 2030, are capable of enabling the Kingdom to maintain its progress and prosperity.

HRH Crown Prince also stressed that all executive steps of those plans and programmes should be “serious” and “perfect” in order to achieve the expected results.

Chairing a meeting of the Economic Development Board, held at Riffa Palace to discuss EDB’s Executive Plan for this year, HRH Crown Prince called for the need to take maximum advantage of the national resources in order to be able to face the local, regional and global challenges through re-directing state subsidy of basic commodities and services and grant it to those who deserve it.

He also called for the need to adopt balanced financial policies that can ensure the sustainability of the kingdom’s economic development so as to secure a brighter future for the coming generations.

He also said that the focus of EDB’s work in the coming period will be on adopting comprehensive and complementary economic policies that can enhance the economic diversity and sustainability and attracting more investments.

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