The government of the Kingdom of Bahrain launched the economic recovery plan on October 31, 2021, within the framework of what was included in the speech of His Majesty King Hamad bin Isa Al Khalifa, during the opening ceremony of the fourth session of the fifth legislative term of the Shura and Representatives Councils, and the continuous follow-up of the Ministerial Cabinet headed by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
The Kingdom’s government has developed an "economic recovery" plan with the aim of enhancing financial stability and continuing to work to achieve the desired development aspirations, in a way that will positively benefit the country and citizens. The plan is based on 5 priorities that include 27 integrated programs that include:
The plan aims to employ 20,000 Bahrainis in the economy and train 10,000 Bahrainis annually until 2024 through implementing the initiatives of the National Labour Market Plan (2023-2026), reviewing work fees to reduce the gap between the cost of a Bahraini and foreign employee, in addition to launching the Labour Fund (Tamkeen) a series of new training programs to develop the capabilities and competitiveness of the Bahrainis and keep pace with the current and future labour market needs.
The plan aims to make commercial procedures easier, thus contributing to attracting investments worth more than $2.5 billion by 2023, through:
Executing major development projects by launching new investment and industrial zones and partnering with the private sector to implement major infrastructure projects.
The Government of the Kingdom of Bahrain launched strategies targeting vital sectors to achieve comprehensive economic development in order to develop promising sectors with the aim of grow non-oil GDP by 5% in 2022 through:
The economic recovery plan aims to achieve financial sustainability and economic stability by achieving fiscal balance by 2024 through:
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Content Last Updated: 27 Aug, 2023