27 July 2007

Seems we're "shockproof"

Yep; that was the headline bolstered all over the front of the local GDN newspaper today. Apparently S&P, one of the biggest international rating agencies out there, thinks our economy and banking sectors are pretty stable, and well guarded against any sort of internal or external shock. Sure, there are risks, but they have been mitigated and overall, the economy seems to be very secure.

Great news Bahrain! That's going to definately bring in more international investors, business, and companies into the country. We're going to keep expanding at the crazy rate we are already growing at, and more and more people are going to get richer and richer. At the same time, the rest of the locals, who manage to benefit little (if nothing at all) from the growing boom, are going to get comparitavely poorer; land and property prices, day to day living expenses, amongst other costs, are going to increase, and they're going to have a tough time dealing with it.

Also, other capitalist targets are going to be persued and focused on, while other political topics which are of great importance to many locals will get overshadowed.

Don't get me wrong; I think its a great thing for a company like S&P to give us A and A-1 credit ratings. I just wish the benefits from something like this flood through the top levels of everyone running this economy all the way down to the little people, so that everyone can have a drink. What we've seen up till today is strong filters all the way at the top. Everyone else down here is thirsty.

Anyway, I leave you with a copy of the front page headlines. I've underlined a few things. Just a few things to ponder about.


Merlin said...

Grand delusions. The country is in decline, the quality of its people is deteriorating, and nothing but a radical and dramatic shift in thinking can save us....

Ammar456 said...

Of course it is. But then, certain people don't want that image out.

SO, instead of looking at ways of solving the situation, they just look for other ways to overshadow it and cover it up...

Merlin said...

In fact, let me back-track a little and say of course its shockproof - you have no real economy! The downside is limited but so is the upside! Good luck I say!

It is no wonder that there is a sharp rise in the number of Bahrainis seeking employment overseas! Whether its Dubai, London, or the US - it is happening people, the phenomenon that swept through other parts of the Middle East (Lebanon, Syria, Jordan, Iraq etc) is now sweeping through Bahrain, we will become another country to contribute to the growing ranks of diaspora arabs living in self-exile.

The "brain drain" begins and will continue until BDF Joe is the last one left behind, but the sad truth is that no one will notice because that is what matters the most in beloved Bahrain the brawn and not the brain.

Farhan said...

I can understand that the government needs to always show that the outlook is positive and that what it is doing is right for the country.

Imagine, if the government said otherwise, people would not believe
in it, react, close down and many would move out.

Unfortunately, the reality is that
Bahrain's development is limited. Practical, on the ground, changes need to be made. Promotion of businesses (industry, trade, services), upgrade education and
develop better services sector.

It is also good that Bahrainis take up opportunities in other parts of the Gulf.

Ammar456 said...

its all about the image. doesnt matter if theres a screwed reality underneath.