Khalid Al Rumaihi, chief executive of Bahrain’s Economic Development Board (EDB), is on a mission to transform the economy. In partnership with government ministries and other public sector agencies, the EDB is pushing hard to develop a globally innovative, competitive and transparent economic model.
Speed is of the essence. Though gross domestic product (GDP) growth is expected to reach 3% in 2018 – faster than Bahrain’s Gulf Co-operation Council peers – it is anticipated to fall to 2.3% in 2019. This is well below historical norms, according to the International Monetary Fund. Adding to these woes are years of fiscal deficits and a growing public debt problem, both of which show little sign of abating in the short term.
