Bahrain third richest Arab country
A new study by the United Nations Economic and Social Commission for Western Asia (ESCWA) has revealed Bahrain’s impressive economic performance, ranking it as the third richest Arab country and 26th globally in terms of per capita income.
The report, titled ‘Real sizes of Arab economies between 2017 and 2023,’ highlights the kingdom’s strong economic standing within both the Arab region and the global landscape. While Qatar and the UAE secure the top two positions regionally, Bahrain’s performance underscores its robust economic fundamentals and high quality of life for its residents.
The report, which provides a comprehensive analysis of purchasing power parities (PPPs) and real economic sizes, highlights that although Qatar leads in per capita income, the island nation surpasses it in terms of material well-being, measured by actual individual consumption (AIC) per capita. Bahrain’s AIC per capita is 182 per cent of the world average, showcasing a high quality of life for its residents.
Despite its relatively small economy, ranking 13th in the Arab region and 93rd globally, Bahrain demonstrates significant strengths. The kingdom boasts the 3rd highest per capita income in the region and ranks 5th in individual well-being among Arab countries. This translates to a high global ranking of 26th for per capita income and 48th for individual well-being.
The report also underscores the kingdom’s favourable position in terms of affordability. Regionally, Bahrain ranks 8th in overall expensiveness and 5th in household consumption costs. Globally, these figures stand at 69th and 68th respectively, indicating relatively moderate costs of living compared to other nations.
Furthermore, Bahrain demonstrates a strong commitment to investment and government spending, ranking 4th and 3rd respectively in per capita investment and government expenditure among Arab economies. Globally, these figures are 24th and 29th, highlighting substantial investments in the nation’s future.
Bahrain’s economic performance between 2017 and 2023 reveals resilience and growth, with PPP-adjusted GDP reaching its peak in 2022. The strong correlation between GDP and household consumption indicates a healthy relationship between economic output and consumer spending. While healthcare costs are identified as a relatively expensive category, the overall cost of living remains moderate.
In conclusion, the ESCWA report paints a positive picture of Bahrain’s economic standing. The kingdom’s high per capita income, strong individual well-being, and moderate living costs, coupled with its commitment to investment and government spending, position it as a thriving economy within the Arab region and on the global stage.
Source: https://www.gdnonline.com/Details/1346714
