Bahrain GDP Grows

October 28, 2009
Bahrain

Marios Maratheftis, Standard Chartered Bank Middle East North Africa and Pakistan global markets regional head, praised Bahrain’s two percent growth in gross domestic product (GDP) growth as a sign of good things to come. Considering the tough global economic environment, the fact that Bahrain managed to grow is a considerable feat. Several GCC nations were sent reeling during the downturn, which saw a few economies shrink. In the coming year, Maratheftis projects three percent growth, another indicator that Bahrain’s diversification has succeeded as the world continues to gain its footing following the recession as oil prices rise, credit markets improve and the property industry stabilizes.

While generally upbeat, Maratheftis warns that no nation is completely safe. Emerging markets will continue to drive the recovery and there will be an increased GCC reliance on Asia, particularly China and India. Referring to the GCC monetary union, he advocated equal voting rights for all members and a common currency. Such actions would make trade with the West easier, while also promoting regional trade, which is currently low.

Maratheftis’ comments were praised by The Ambassador of the Kingdom of Bahrain to the United States, Houda Nonoo, who hoped that the growth would encourage further investment in the Kingdom. “We stand as a strong economy in a time of financial strain. Especially when compared to other GCC nations, Bahrain is a clear choice for investors looking for stability today and strength in the future.”

For more information, please contact the Office of the Economic Representative via e-mail info@bahraingateway.org or by telephone at (202) 537-7810.