Finance & National Economy
The Kingdom of Bahrain Economic Vision & National Budget
Transforming Bahrain's Economy from a Regional Pioneer to a Global Contender
The Kingdom of Bahrain fiscal budget is planned for two years. The budget is put together by the Ministry of Finance & National Economy and it gets implemented after gaining approval of the Council of Representatives.
To capitalise on economic growth; Bahrain government implemented an integrated program aimed at achieving fiscal budget balance by restructuring the government budget. The Program include a government-wide spending review, the creation of spending efficiency taskforces, the roll-out of a voluntary retirement scheme for public sector workers and the implementation of VAT.
Bahrain Government has adopted a BHD 4.3 billion stimulus package to counter the effects of the COVID-19 pandemic to boost the economy and protect employees and aid business.
Read the Bahrain Economic Report 2019 issued by the Ministry of Finance and National Economy (PDF 23 pages, 3.75MB)
Economic Vision for the Future
Launched in 2008 the Kingdom’s 2030 Economic Vision embodies a comprehensive plan for Bahrain that aims at creating a clear approach to develop the economy while focusing on the main objective, which aspires to improve the living standards of all Bahraini Citizens.
The guiding principles of the Economic Vision 2030 are sustainability, competitiveness, and fairness which shapes the vision of the government, society, and the economy.
Innovation Driven Economy
The Kingdom of Bahrain boasts of a Business Friendly economy due to its world-class infrastructure and business environment that supports investment and has the most diversified economy in the GCC region due to its unique positioning on the map at the centre of the gulf which allows for optimum use of its major international airport , short sea links throughout the Gulf and direct connection to the road networks of the Arabian peninsula. Bahrain has ranked fourth in the Global Competitiveness Report among 141 countries which was announced at the World Economic Forum (WEF2019).
Currently Bahrain is focused on its economic growth in the digital economy by empowering local organizations to expedite their digital transformation journey and investing in emerging technologies.
In addition, Bahrain economy offers investors:
- Bahrain allows 100% foreign ownership for most activities full foreign ownership in companies involved in oil and gas drilling activities and is the only GCC state to permit freedom across all sectors and in which the entire country is effectively a free zone.
- A highly skilled tech-savvy bilingual workforce.
- A highly integrated logistics hub, with a community of sophisticated freight forwarding operators and transport companies.
- 0% corporate tax rate and no income taxes.
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