The International Monetary Fund projects Bahrain’s economy will expand 3.3 per cent this year, driven by its quick policy response to minimise the impact of the pandemic on its economy and its people.
The country’s non-oil economy will grow 3.9 per cent in 2021 as widespread vaccine distribution revives economic activity toward pre-crisis levels, the fund said at the end of its Article IV consultations with the Gulf country on Sunday.
“Bahrain moved quickly to address the health and economic effects of the Covid-19 pandemic, protecting lives and livelihoods,” the Washington-based lender said. “Swift and well-co-ordinated policy responses have helped limit the spread of the virus, deliver rapid and widespread access to vaccinations, and target income and liquidity support to those most in need."
The kingdom will maintain about 3 per cent economic expansion rate in the medium term and the post-pandemic recovery will be “gradual”.
However, there is considerable uncertainty around the economic outlook including the pandemic-related global and domestic containment measures, it said.
Bahrain, the smallest economy in the six-member economic bloc of GCC, has faced stiff economic headwinds amid the Covid-19 pandemic. Its economy is estimated to have shrunk 5.4 per cent, driven by a sharp contraction in non-oil output, which according to IMF projections contracted 7 per cent.
Activity in high contact and job-rich services sectors contracted markedly, but manufacturing activity remained relatively unaffected. The kingdom’s hydrocarbon gross domestic product is estimated to have grown 2 per cent, while its consumer price index inflation averaged -2.3 per cent in 2020, according to the fund's estimate.
The IMF said the state budget deficit last year increased to 12.8 per cent of GDP from 4.7 per cent recorded in 2019 due to the plunge in oil prices and the contraction in nominal GDP. The country’s overall fiscal deficit increased to 18.2 per cent of GDP, from 9 per cent in 2019.
Public debt increased to 133 per cent of GDP in 2020 from 102 per cent a year earlier. Its current account deficit has widened to 9.6 per cent of GDP, while the country’s international reserves declined to levels sufficient for about a month and half of non-oil imports.
“Despite considerable challenges, the authorities remain committed to achieving the key objectives of the Fiscal Balance Programme, including gradually rebuilding policy buffers and reversing the rise in public debt,” the IMF said.
“The near-term priority remains to ensure public health, essential services, and targeted fiscal support to the most vulnerable.”
Once the economic recovery takes hold, “ambitious and growth-friendly fiscal adjustment, set within a credible medium-term framework” is needed to address the country’s large fiscal imbalances.
Bahrain also needs to address growing government debt, putting it on a firm downward path, and restore macroeconomic sustainability.
These measures, the IMF said, will help the country rebuild external buffers, solidify its exchange rate peg and support access to sustainable external financing.
The IMF mission staff welcomed the Central Bank of Bahrain’s support to lenders in the country and said maintaining a healthy banking system and innovation in FinTech will support its economic recovery.
“Targeted policies and structural reform efforts should aim at minimising economic scarring risks and creating post-crisis private sector opportunities,” the IMF said.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Global state-owned investor ranking by size
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
McIlroy's recent struggles
Last six stroke-play events (First round score in brackets)
Arnold Palmer Invitational Tied for 4th (74)
The US Masters Tied for 7th (72)
The Players Championship Tied for 35th (73)
US Open Missed the cut (78)
Travellers Championship Tied for 17th (67)
Irish Open Missed the cut (72)
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Real Madrid 1
Ronaldo (87')
Athletic Bilbao 1
Williams (14')
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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Available: Now
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
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RESULTS
6.30pm: Meydan Sprint Group 2 US$175,000 1,000m
Winner: Ertijaal, Jim Crowley (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: Handicap $60,000 1,400m
Winner: Secret Ambition, Richard Mullen, Satish Seemar
7.40pm: Handicap $160,000 1,400m
Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.15pm: Dubai Millennium Stakes Group 3 $200,000 2,000m
Winner: Folkswood, William Buick, Charlie Appleby
8.50pm: Zabeel Mile Group 2 $250,000 1,600m
Winner: Janoobi, Jim Crowley, Mike de Kock
9.25pm: Handicap $125,000 1,600m
Winner: Capezzano, Mickael Barzalona, Salem bin Ghadayer
RIDE%20ON
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