Bloomberg reports that The Kingdom of Bahrain has unveiled a remarkable new economic growth plan investing $30 billion as it looks to improve its economy in the wake of the coronavirus pandemic and balance its budget by 2024.
The Kingdom of Bahrain aims to create more than 20,000 jobs annually for citizens by 2024 and attract $2.5 billion in foreign direct investment by 2023, according to a statement yesterday by the Ministry of Finance and National Economy.
The pandemic has greatly hindered the nation, With economic deterioration even after a $10 billion package pledged by its GCC neighbours in 2018. In an effort to boost revenue, Bahrain plans to double its value-added tax to 10%, the highest rate after Saudi Arabia.
Source: Bloomberg
Hina Mirza