Diversification of Bahrain’s Economy
Bahrain was the first country in the GCC where oil was discovered. Over the years the revenues from oil and gas sector was used to propel Bahrain’s economic growth and diversification. Bahrain is No.1 country in the GCC in human development. Currently, oil and gas sector contributes only 24% to the GDP and at constant prices only 12%.
Bahrain was the first country in the GCC where oil was discovered. Over the years the revenues from oil and gas sector were used to propel Bahrain’s economic growth and diversification.
Bahrain is No.1 country in the GCC in human development. The end result of the diversification is that currently, oil and gas sector contributes only 24% to the GDP and 12% at constant prices.
Dr. Mirza further elaborates on the investment plans for the oil and gas sector and the revival of Bahrain oil field amounting to $15 Billion. All in all Dr. Mirza adds “the projects mean that a total of 20 billion dollars will be invested over the next 20 years in Bahrain by international companies” generating revenues, economic growth and employment for the Bahrainis.