A recent study jointly conducted by the Heritage Foundation and the Wall Street Journal honored the Gulf State of Bahrain as the leader in economic freedom among 18 Middle East and North African countries.
This marks the seventh consecutive year that Bahrain has received this ranking in the 2001 Index of Economic Freedom. Globally, Bahrain boasts the ninth spot among 161 nations, the Khaleej Times reported.
Bahrain’s trade and economic policies, coupled with the nation’s ardent efforts to boost its private sector and foreign investment, provide much of the reasoning for the country’s success in this category.
Its strategic location, which links the Arabian Gulf to the West, serves as another factor for success. The advanced economy and telecommunications infrastructure were also cited as reasons for the high ranking.
Bahrain's national productivity is expected to grow by an average of three percent during the current year because of the surge in world oil prices.
According to the Arab Fund Organization, Bahrain's budget deficit will be down by 60 percent to BD63 million instead of BD160 million earmarked for this year.
The economy registered a surplus of BD218.3 during last year against a deficit of BD295.2 million in 1998. –(Albawaba-MEBG)
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