Vision 2030 is a comprehensive economic vision for Bahrain providing a clear direction for the continued development of our economy and at its heart is a shared goal of building a better life. Vision 2030 has been developed over the course of four years in consultation with over 1000 Bahrainis from the public sector, private sector, academia and civil society. The Vision will be underpinned by a national economic strategy detailing strategic initiatives across a range of sectors which together will deliver the long term aspirations outlined within the Vision.
The need for economic reform & development
Bahrain has prospered over the past decades and GDP has grown more than 6% per annum in the past five years however the country’s future economic prosperity relies on our ability to respond to the challenges and opportunities presented by the world around us. Vision 2030 identifies three key challenges and opportunities and describes how Bahrain will respond to each. The three challenges are:
• Transforming the Bahraini economy by focusing on developing the quality and number of jobs for Bahrainis and improving skills for job seekers
• Competing in an increasingly global market place by encouraging innovation and developing new and growth sectors in the economy
• Exploiting unprecedented growth opportunities as the GCC continues to develop
Guiding principles
Vision 2030 has three guiding principles which guide our national economic aspirations:
Sustainability
We need to build an economy to last so we can provide for future generations of Bahrainis. In the past the public sector has been the driving force behind much of the country’s economic growth. We need to grow our economy by increasing the role of the private sector, encourage our own entrepreneurs and unleash innovation in the private sector. We also need to invest in training and education for Bahrainis so that we realise the full potential of all our young people who are joining the workforce.
Competitiveness
We need to embrace competition, make Bahrain fitter to compete regionally and globally and increase our own productivity. Bahrain must shift from an economy built on oil to a more diverse economy that raises a broad middle class of Bahrainis who can earn more and enjoy better living standards. This requires people with the right skills for new and growing sectors. So we will not only focus on giving Bahrainis new skills but also continuing to attract additional expertise from overseas companies.
Fairness
Every Bahraini should be given the opportunity to play an active role in our economic future. This means more and better paid jobs, better access to training and skills development and a better quality of life for all Bahrainis. At the same time no Bahraini should be left behind; so those who cannot actively participate in the economy will be provided for. Government should be accountable and provide better services to all citizens, corruption needs to be rooted out and the justice system should be fair for all.
