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Payments will also be made retroactively to pensioners, for the period from January to June

AMMAN — The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower oil and gas earnings and a global economic slowdown, according to the new World Bank Gulf Economic Update (GEU). 

After weathering a series of global and regional challenges in recent years, Bahrain is emerging from the Covid-19 pandemic with strong growth, rising government revenue and a new plan for the future economy. As energy and tourism earnings recover, the kingdom aims to generate sustainable long-term growth opportunities through new sector strategies and transformational infrastructure projects. These positive developments build on the country’s robust financial services and manufacturing sectors, which have helped make it one of the most diverse economies in the Gulf.

Bahrain has prepared the 2023-24 budget with special focus on boosting financial stability and positive economic growth as well as creating promising opportunities for citizens, and developing financial and economic support, said its finance minister.

Bahrain's real gross domestic product (GDP) grew 4.9% in 2022, hitting a 10-year high, driven by non-oil GDP growth and greater private sector contribution towards economic activities. It had witnessed a 6.2% non-oil GDP growth, said a senior minister.