MANAMA: The oil sector is unlikely to contribute to the growth during current year, due to the volatile oil prices in global markets, according to Dr. Jarmo Kotilaine, the Chief Economist at the Bahrain Economic Development Board. He was quoted saying by the BNA that the non-oil sectors will be responsible for recording a growth rate of 4%.
Dr. Kotilaine, on the sidelines of the 2nd MENA Investors Summit 2015 organized by Tenmu, underlined the need to follow a better financial policy in Bahrain and to gradually restructure the national economy, which is currently under implementation by the government.
He ruled out the consumer price index to witness a significant rise in current year, pointing out the recovery witnessed by the real estate sector.
He said that the growth of non-oil sectors is getting stronger than ever, due to the economic challenges seen by the region caused by the fall of oil prices to record levels.
He noted the importance of the summit that sheds light on investment in entrepreneurship in Bahrain and neighbouring countries.
He stressed promoting the development of small and medium enterprises and the youth investors in entrepreneurship, as well as holding partnerships aim at uplifting the industry of small enterprises, which consequently contribute to supporting the national economy.