The Institute of Chartered Accountants in England and Wales (ICAEW) said that Bahrain’s economic outlook remains clouded by persistent weakness in government finances, evident by significant fiscal deficits and rising public debt levels, large external financing needs as well as a general slowdown in non-oil activity and limited prospects for oil sector growth.
The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…
596 Views | the publication reaches you by | Bahrain News“Despite Bahrain having the most diversified economy in the GCC, 2019 has proven to be a challenging year amid low oil prices and a government financial overhaul.”
it remains below the Kingdom’s estimated fiscal break-even point of $113, the highest among GCC peers.
In October last year, the government unveiled a fiscal balance programme that seeks to balance the budget by 2022 in an effort to rein in public spending, address large and persistent fiscal deficits and spiralling public debt.
ICAEW expects Bahrain’s fiscal balance programme to reduce the fiscal deficit from an estimated 10.1 per cent of GDP in 2018 to around seven per cent of GDP in 2019.
Bahrain secured a $10 billion support package from the UAE, Saudi Arabia and Kuwait which is expected to help the government address its financial shortcomings and support certain infrastructure projects, balancing the overall economic trajectory over the medium term.
Global Experts in Leadership and Business Excellence will lead a powerful discussion focusing on improving organizational performance at…
302 Views | the publication reaches you by | Bahrain News
Do you have information you want to reach our readers?
You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Bahrain, the Gulf and the world.
The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).
