Dana Hamzah: "We're doctors for the economy"

In a world shaped by fluctuating economic cycles - from trade shocks to financial crises and pandemics - economists are increasingly asked not just to interpret events, but to help respond to them. For Dana Hamzah (Industrial Economics, 2008), this has defined her career – from graduating at the height of the Global Financial Crisis in 2008 to working at the IMF in Washington DC during the Covid-19 pandemic, to taking up the role of Assistant Undersecretary at the Ministry of Sustainable Development in the Kingdom of Bahrain.

Entering the graduate jobs market during a global financial crisis is never easy. But for an Industrial Economics student, graduating in 2008 proved to be a golden opportunity.

"At the time, everybody was looking for economists," she says. Dana began her career in risk management at a retail and investment bank, before moving into financial stability at the Central Bank of Bahrain, where she rose to become Head of Economic Research.

"My background in Industrial Economics made the transition from banking to the regulatory side at the Central Bank feel natural," she says. "It's such an underrated course – it bridges business and economics in a way that opens doors across so many different sectors by understanding how real-world markets actually work."

And yet she almost never studied it. Hamzah initially enrolled on Finance, Accounting and Management, but quickly realised she was an economist, not an accountant, at heart. After switching courses in her first semester, Industrial Economics, she says, felt immediately like home.

It was at Nottingham that a career-long ambition began to take shape. Researching economists from her home country working in major international organisations such as the IMF, she noticed a clear gap - limited representation from Bahrain and the wider Middle East region, particularly among women. "That, for me, became a big goal", she says.

Over the following decade, she built her expertise at the Central Bank while completing a master's in Finance and Economic Policy, before a Hubert Humphrey Fellowship took her to the United States. The Fellowship included foundational placements at the Michigan Department of Treasury and the IMF in Washington DC, strengthening the belief that her goal was within reach.

And it was during another time of crisis - the Covid-19 pandemic - that she received a job offer from the IMF, making her the first Bahraini national to represent her country at the Fund's Executive Director’s Office, reporting directly to the IMF Board.

Joining the IMF at the height of the pandemic, Dana found herself on the front line of global economic crisis response, contributing to policy thinking as the world grappled with disruption and recovery.

"It was my job to understand the implications of external shocks and political risks on different countries and sectors," she says. “That meant assessing vulnerabilities and exploring how policies and programmes can be tailored to support countries under strain—helping them achieve financial stability and implement structural reforms that enhance productivity, resilience, and long-term economic growth.”

Hamzah worked as an Advisor to the Executive Director for the Arab States and the Maldives, representing Bahrain alongside a constituency of Arab countries, acting as a bridge between national authorities and the Fund's technical staff and Executive Board.

"It showed me how important it is for countries to be represented inside international institutions," she says. "You need people at the table who can advocate for national interests and help shape the policies that ultimately affect your economy."

Today, in her capacity as Assistant Undersecretary at the Ministry of Sustainable Development in Bahrain, her role is to coordinate sustainability efforts across Bahrain while promoting them globally.

For Hamzah, sustainable development is not the environmental agenda it is often assumed to be. "People sometimes misinterpret it as only being linked to climate and the environment, but it's more than that," she says. "It's about creating fair industries, healthy competition, more jobs, better productivity and efficiency - reducing inequalities and ensuring inclusive access to the services that underpin long-term growth."

"Bahrain has emerged as a leading global example in advancing sustainable development - reinforced by the establishment of the Ministry of Sustainable Development in 2022", she says. "We've strengthened national coordination efforts to accelerate progress toward the UN’s 2030 Agenda for Sustainable Development by focusing on key development enablers, including digital transformation, financial inclusion, technology adoption, data-driven innovation, and artificial intelligence."

The approach is gaining attention beyond Bahrain's borders - countries across the globe, she says proudly, are looking to Bahrain as a model for embedding sustainable development at the heart of government.

For someone who almost didn't study economics at all, she has come a long way.

"My entire career, to be honest, wouldn't have shaped up the way it did if it wasn't for that very strong and solid foundation I got with Industrial Economics."

It’s a foundation that has taken her from breaking barriers to contributing to development trajectories. Underpinning it all is a way of thinking about economies focused on solving problems - and making them work better.

"There's always that economist thinking in the back of my head," she says, "allowing me to rationalise, weigh possibilities, identify solutions and make decisions accordingly."

"I really see economists as doctors. We're doctors for the economy - we always want the best outcomes."