![]() In view of this, Parliament agreed in December 2008 to a BD50 (USD 133) allowance/bonus to Bahraini families annualy, for the next two years. There has been no substantial concurrent increase in salaries, especially in the public sector. Inflation: The inflation rate has increased steadily, exceeding 7% annually for the last few years. So, despite increased employment opportunities generated by a growing economy, unemployment is growing among Bahraini citizens, especially among women and those whose educational qualifications (e.g., liberal arts or sociology degrees) are not well matched with the new jobs.ĥ. Foreign workers are also more willing to accept lower salaries and tougher working conditions. ![]() Employment: Due to the lax policy control on the flow of foreign workers, especially cheap labour, Bahraini job seekers are in a weak position when competing for jobs that require specific educational backgrounds and skills. As a result, many families have been obliged to move back into extended family accommodations, many of them congested and poorly equipped to deal with overcrowding.Ĥ. This has led to an acute housing crisis: the demand for state-subsidized housing is surpassing supply and there is currently a backlog of some 60,000 applications. ![]() Bahrainis now find themselves at a disadvantage in terms of purchasing power compared to other GCC citizens. Housing: The Government has increasingly lifted restrictions on the acquisition of real estate by foreign residents, especially for GCC citizens, which has led to a rise in ownership of land and property in residential areas. In addition, it has increasingly opened other sectors to private control, such as education, health care services, municipal services, administration of ports and air transportation.ģ. Privatization: In attempting to maintain pace with globalization and to be able to compete in an open market, the Government has resorted to privatizing a number of state institutions and services, including electricity and public transport. Furthermore, the reduction of restrictions on foreign residents has resulted in their occupying jobs traditionally limited to Bahrainis, such as legal counselors and auditors.Ģ. It has also led to the opening of the market to competition between local and foreign companies. This has in inevitably led to the State abandoning certain essential services it previously rendered to its citizens. Liberalization of the economy: The Government has been steadily pursuing economic liberalization, which means less and less state involvement in running the economy. This report will concentrate on the impact of globalization on the well-being of Bahraini residents and consider this from a number of angles:ġ. Like many other countries, Bahrain has been influenced positively and negatively by globalization. As a member of the GCC, Bahrain is negotiating with the European Union (EU) regarding a FTA and recently hosted an ASEAN-GCC conference which debated the prospects of concluding an FTA between the two economic groups. ![]() Bahrain signed a Free Trade Agreement (FTA) with the US which facilitates trade, investment and labour movement between the two countries. It has been a member of the World Trade Organisation since 1997, removing barriers to trade and investment and the movement of labour. Since its independence in 1971, the country has been a financial hub for international banks and financial institutions, joint Gulf Cooperation Council (GCC) ventures and a transit spot for trade and commodities. A strategy to shield society from the negative impacts of globalization is urgently needed.īahrain traditionally has had an open economy for trade, investment and exchange. There are increasing confrontations and tension between the impoverished groups and security forces. However, along with the increasing numbers of millionaires the middle class is shrinking and the lower class is becoming impoverished. The Bahrain’s economy is growing, along with per capita income. The impact of globalization on Bahraini people
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