Bahrain's economy is expected to sharply slow down this year because of the global financial crisis after years of a fiscal euphoria caused by strong crude prices, according to a Kuwait-based investment bank.
The gross domestic product (GDP) of the Gulf island, which is far less reliant on crude exports than its neighbours, could slacken to around three per cent in 2009 and growth could decline further if oil prices remain weak, Global Investment House said in a 70-page study on Bahrain.
The bank said Bahrain had recorded exceptionally high growth during the past few years, with the nominal GDP galloping by double digits since 2003. Higher oil prices and huge liquidity in the region also helped Bahrain to record robust performance.
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