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Bahrain Human Development Report 2018: Pathways to Sustainable Economic Growth in Bahrain
Dec 4, 2018
Bahrain launched its Economic Vision 2030 in 2008, at a time when global financial markets were performing well, oil prices were buoyant, and the Bahrain economy was booming, including the realization of a persistent fiscal surplus. This indicates that the Vision was not a knee-jerk reaction to a transient crisis; instead, it is a measured and well-crafted series of principles that can realize a prosperous future for Bahrain. Further confirmation of the Vision’s virtues appeared in 2015, when the Sustainable Development Goals (SDGs) were launched, as they shared many of the Vision’score tenets.
In 2018, ten years after the Vision’s launch, much has changed. The Bahrain economy has faced some storms, most recently the 2014 oil-price crash. However, the need to adhere to the guidelines set out in the Vision remains pressing. This report takes stock of what has been achieved during the last 15 years, and makes proposals for future policies.
The Report’s theme is sustainable economic development, and the authorship team has chosen to emphasize two aspects of sustainability. The first is the importance of diversifying the economy, partially in response to oil’s status as an exhaustible resource. The second is the importance of taking into account environmental concerns in an effort to ensure the highest living standards for future generations. Both aspects constitute central tenets of Bahrain’s Economic Vision, and of the SDGs.