Dr. Yousef H Mashal, commended the steps taken by His majesties Government and the economic development board which had proven that over the last years the Kingdom Of Bahrain has shown strengthened commitment to stabilization and structural adjustment policies. Needless to say the wide range of economic reforms has had a positive impact on its economy, Dr. Mashal continued. What is more the Kingdom Of Bahrain through liberalization and privatization policies will also create a business climate capable of sustaining economic growth.
Bahrain’s should be planning a growth rate rise to 9 percent a year, effective from 2012 driven by productivity increases of 5 percent a year and an increase of labor 4% a year.
This means that by 2025 every Bahraini will have to produce more than 65% more than he/she does now.
We have to become more productive and competitive. A simple salary increase which is not sustained by changes in the way we work, would lead to a decline of our competitiveness and companies would have to go out of business.
Companies will have to continuously think about how to produce their products and deliver their services more efficiently using fewer people. One Bahraini and a machine can do what today takes several laborers to achieve.
Dr. Mashal emphasized the perspectives on the structure and direction of both import and exports which is guided by their overall macro policy with a key trade objective of export diversification in a wide range of products away from oil, targeting regional Arabic Markets as well as the American, and European Markets. Undoubtedly the composition of the exports figures reflects the structure of the different products including oil & gas. Nevertheless, Bahrain has significant non-oil & gas products either already exported or to be increasingly exported said Dr. Mashal. As a mater of fact, over the last two decades manufactured products exports have become a major factor of economic growth and export expansion have become a national priority were export promotion is perceived as the core of any successful policy in Increasing competitiveness which will result in an economy that is able to produce more output with fewer but high tech resources employing a labour-force that is more productive, Generating a higher rates of economic growth and a stronger private sector.
This increased productivity will translate directly in to higher wages and greater wealth for Bahrainis. Improved productivity is the long-term driver of increased wealth in all advanced economies. Countries that are more productive are wealthier. Increased productivity leads to greater output, which gives rise to increased wages and greater profit. Increased wages and greater profits lead to higher spending and investments and thus create a healthy cycle of growth.
Non Oil export USD$2.40 Billion
Non Oil imports USD$1.96 Billion