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Saudi FM Heads Kingdom’s Delegation at Davos

The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
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Saudi FM Heads Kingdom’s Delegation at Davos

The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah arrived in Davos on Sunday heading the Kingdom’s delegation at the 2024 World Economic Forum.

At the global event, the delegation will discuss the greatest regional and international challenges and means to tackle them through dialogue and international cooperation.

It will discuss economic integration, the sustainability of resources, and benefiting from innovation and technical solutions.

It will stress the need to explore opportunities created by emerging technologies and their impact on forging international policies and decision-making.

The delegation will highlight the progress the Kingdom has made in its Vision 2030 and the transformation and development underway in the country in various fields. It will underscore the available investment opportunities in several sectors aimed at achieving a prosperous and diversified economy.

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IMF Forecasts Bahrain’s Economy to Grow by 3% in 2024

Bahrain's capital Manama. Reuters file photo
Bahrain's capital Manama. Reuters file photo
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IMF Forecasts Bahrain’s Economy to Grow by 3% in 2024

Bahrain's capital Manama. Reuters file photo
Bahrain's capital Manama. Reuters file photo

Bahrain’s economy is on track for growth, with gross domestic product expected to expand by 3 percent this year and 3.5 percent in 2025, the International Monetary Fund (IMF) has said.

Following its 2024 Article IV consultation, the IMF said Bahrain’s showed strong economic performance in 2023, achieving a 3 percent growth rate.

It projected that inflation, which fell to a low of 0.1 percent in 2023, will rise to 1.2 percent this year and gradually stabilize at 2 percent over the medium term.

According to the IMF, government debt surged to 123 percent of GDP, a 12 percentage point increase.

“To put government debt to GDP onto a durable downward path, a multi-year and pre-committed fiscal consolidation and reform package is the policy priority,” said John Bluedorn, the IMF mission chief.

Bahrain’s economic diversification efforts are another key focus. The IMF acknowledged the progress made but urged further reforms to boost inclusive, sustainable growth. These include expanding programs to enhance human capital, addressing skill gaps, and improving access to finance for small and medium-sized enterprises.