1.0 Background of the Study
Oil dominates Bahrain’s economy and, together with gas and petrochemicals, accounts for the bulk of exports and government revenue. That proportion is falling, however, as Bahrain seeks to diversify its economy and the reserves dwindle ( 1984). In the service sector, the financial services industry has expanded dramatically in recent years, as companies trading in the region have set up their regional centers in Bahrain, where the relatively relaxed environment is an important factor in a region where rigorous social mores are often the norm. Mainly because of its small population and small size, Bahrain has only a minor importance in international economy. The economy is heavily dependent on oil, but the government is looking for new sources of income.
Bahrain was the first Arab Gulf state to discover oil, with the first oil well commencing production in 1932. As such, Bahrain’s development began much earlier than the other Arab Gulf states, giving Bahrain the advantage of being the most socially advanced and developed of the Arab Gulf countries. But in comparison to the richer petroleum-exporting states of Saudi Arabia, Kuwait, and the United Arab Emirates, the Bahraini oil reserves are insignificant, currently meeting little more than domestic consumption requirement (1984). The early realization of the relatively insignificant Bahrain oil reserves drove Bahrainis to embrace the diversification of their economy and to prepare for the time of oil-reserve depletion. As a result, the country has made a great investment in human resources development, including the development of educational and training programs.
2.0 Statement of the Problem
The achievement of the subsistence of Bahrain’s economy is the main issue here. What the local government of Bahrain as well as the local people of is doing in protecting and sustaining their considerable number of market seeking neither foreign investment, nor the resources rich enough to attract resource seeking foreign investment is critical. Sustainable economic management and competitiveness would be the key in attaining a high level of competitiveness in the global economy because increased productivity comes about more naturally in a competitive environment. The country’s future economic success highly depends on the participation of each and every citizen of Bahrain.
The economic disturbances in Bahrain that contribute in interrupted productivity and the contributing factors that lead to the downfall of the country’s economy would be another issue to deal with. Higher productivity requires people with the right skills and the education system in giving the utmost quality of education would lead to qualified staffs attracting foreign investors. The role of the government is fundamental in providing the legal and regulatory structure that guarantee protection of the foreign financiers in their investing in Bahrain.
3.0 Objectives of the Study
The main purpose of this study is to analyze the several activities or events that jeopardizes effective economic progress of Bahrain. This research, specifically, purports to determine how these activities affect their economy and to distinguish the role of the people and the authority having jurisdiction in implementing sustainable economic management. Analyzing foreign investment in Bahrain will also explored. This research takes into account the practices that affect the foreign investor’s judgment in investing in the country, recognizing the economic and social obligation of the citizens. In light of this focus, the paper will thus consider factors such as governance, legal environment, and economic freedom and examine their impact on foreign investment in Bahrain.
4.0 Research Methodology
This study will use the descriptive type of research. A descriptive research intends to present facts concerning the nature and status of a situation, as it exists at the time of the study and to describe present conditions, events or systems based on the impressions or reactions of the respondents of the research ( 1994). It is also concerned with relationships and practices that exist, beliefs and processes that are ongoing, effects that are being felt, or trends that are developing (1970).
In this study, primary and secondary research will be both incorporated. The reason for this is to be able to provide adequate discussion for the readers that will help them understand more about the issue and the different variables that involve with it. The primary data for the study will be represented by the survey results that will be acquired from the respondents. On the other hand, the literature reviews to be presented in the second chapter of the study will represent the secondary data of the study.
The research will be presented in written form with the addition of data charts, which will present the project’s results. Pie charts and network charts will be needed to illustrate some of the analyzed data. This cannot be confirmed, however, until the research data have been analyzed.
5.0 References
Credit:ivythesis.typepad.com
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