Bahrain’s economy is now the 'most diverse' in the GulfWednesday, 19 November 2008  Bahrain’s economy is the most diverse and sustainable in the Gulf Cooperation Council (GCC), according to a new report from the Conference Board. The US research organisation said finance and manufacturing were amongst the largest business sectors in Bahrain with oil and gas production contributing less than 20 per cent to GDP growth. This is in contrast to other GCC countries which are heavily dependent on oil and gas revenues. The Growing Beyond Oil report lauded Bahrain’s success in modernising its labour market with the resultant increased productivity key to future economic growth. Its labour productivity rate is 20 per cent higher than Oman and more than 500 per cent above the GCC average. The report emphasised Bahrain’s highly educated labour force and the high rate of both male and female participation in the workplace. Shaikh Mohammed bin Isa Al-Khalifa, chairman of the Bahrain Economic Development Board, said: ‘These findings show the strides Bahrain has made in economic diversification, education and labour market reform.’
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