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Bahrain’s GDP Growth to Recover To 3.5 % In 2021
Bahrain’s economic growth is projected at 3.3 per cent in 2021 and is expected to remain flat at around 3 per cent over the medium term, according to the International Monetary Fund (IMF). “Bahrain moved quickly to address the
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Realty Plus
Published - Monday, 15 Feb, 2021
Bahrain’s economic growth is projected at 3.3 per cent in 2021 and is expected to remain flat at around 3 per cent over the medium term, according to the International Monetary Fund (IMF).
“Bahrain moved quickly to address the health and economic effects of the COVID-19 pandemic, protecting lives and livelihoods. Swift and well-coordinated 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,” said Ali Al-Eyd, mission leader of the IMF who held discussions with Bahrain as part of the 2021 Article IV consultation.
The mission will submit a report to IMF management and Executive Board, which is scheduled to discuss the Article IV Consultation on March 17, 2021.
The mission noted that as in other countries, the prolonged COVID-19 pandemic and necessary containment measures continue to impact Bahrain. Growth in 2020 is estimated at -5.4 per cent, driven by a sharp contraction in non-oil growth of -7 per cent. Activity in high contact and job-rich services sectors contracted markedly, but manufacturing has been relatively unaffected.
Hydrocarbon GDP growth is estimated at 2 per cent, while CPI inflation averaged -2.3 per cent in 2020. With the plunge in oil prices and the contraction in nominal GDP, the state budget deficit in 2020 increased to 12.8 per cent of GDP from 4.7 per cent of GDP in 2019, while the overall fiscal deficit increased to 18.2 per cent of GDP in 2020, from 9 per cent of GDP in 2019.
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