Apple: Bahrain's economic diversity should create jobs
The article aimed to explain Bahrain's efforts to strike a balance between financial stability and economic growth, focusing on strategies for economic diversification, the role of industries and financial services, and the importance of Gulf unity to enhance the ability to face regional challenges. It emphasized that Bahrain has made progress in diversifying its production structure and reducing dependence on oil, with non-oil GDP growing by 3.5% projected for 2025 and the contribution of non-oil activities increasing to 85.8% of the national output. However, the country still relies on oil revenues and faces challenges from regional shifts, underscoring the need to develop an economic model that boosts productivity, knowledge, and investment in manufacturing industries. The article also highlighted that Gulf cooperation requires a move toward economic unity, with national companies like "BAPCO" expanding globally. The financial services sector remains a key driver for future leadership, necessitating its development through financial technology and digital payments. Furthermore, it pointed out that the labor market has not fully benefited from diversification, calling for reforms in education and skills development. Transitioning Bahrain toward a knowledge-based economy demands comprehensive strategic thinking and planning, drawing inspiration from models such as Japan and South Korea.
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