Bahrain has an open economy. The Bahraini currency is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country’s capital, Manama is home to many large financial structures. Bahrain’s finance industry is very successful. In 2008, Bahrain was named the world’s fastest growing financial center by the City of London’s Global Financial Centers Index. Bahrain’s banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum production is Bahrain’s most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium production is the second most exported product, followed by finance and construction materials.
According to the 2011 Index of Economic Freedom, Bahrain has the freest economy in the Middle East and North Africa region and is the tenth freest economy in the world. An alternative index, published by the Fraser Institute, puts Bahrain in 44th place tied with 7 other countries. Bahrain was recognized by the World Bank as a high income economy.