Bahrain 'to grow at a steady pace'
Manama, June 20, 2012
Bahrain's economy had remained resilient during the global financial crisis in 2008 and barring any unexpected political or economic development, the Kingdom is poised to grow at an improved pace in 2012, according to a report.
Bahrain had posted positive real GDP growth throughout this difficult economic period, said the International Islamic Rating Agency (IIRA) in its report on the Kingdom.
The IIRA assigned Bahrain with a rating of A- on both the foreign and local currency scales and has also assigned a short-term rating of A-2 on both. On a national scale, the IIRA has assessed Bahrain's ratings at AAA/A-1.
In its report the leading credit rating agency for the Islamic financial services industry pointed out that Bahrain remained a net creditor in the global market.
"Bahrain's fundamental strengths include a continuously positive current account surplus," said an IIRA spokesman.
"Going forward, change to fee and levy structure as planned, may give limited, though much needed diversification to the country's revenue base," it added.-TradeArabia News Service