Jordan’s ‘market sophistication adequate, creative output needs to be improved’

Jordan Strategy Forum
(Photo: Jordan Strategy Forum)
AMMAN — Jordan Strategy Forum published a report titled “Global Innovation Index 2021: Where Does Jordan Stand?” on the occasion of the International Day of Creativity and Innovation observed by the UN every April 21. اضافة اعلان

Last year, Jordan ranked 81 st globally and ninth regionally on the 2021 edition of the Global Innovation Index (GII); according to the forum, it performed best in the category of “market sophistication”, where it ranked 47th out of 132 countries.

“Creativity is about inventions, but innovation is when you apply the inventions to the market. When we talk about the sophistication of products, we talk about complexity, which means added value,” economist Yusuf Mansur told Jordan News.

“Market sophistication and institutions are moderately good” in Jordan, Mansur said, “while other indicators like human capital and research, infrastructure, business sophistication, knowledge and technologies, and creative outputs are at a very low rate and need to be improved”.

In the GII 2021, the top 10 highest scoring countries are Switzerland, Sweden, US, UK, Republic of Korea, Netherlands, Finland, Singapore, Denmark, and Germany.

According to Mansur, the more countries accept new things and strategies, the more innovative they become. Putting a lot of money into research and development, about 1.5 percent to 2 percent of GDP, helps countries progress, Mansour said.

In Jordan’s case, “creating new solutions and strategies would help the Jordanian economy grow more”, he said, adding that “the government should be spending more money on research, as it is its role is to promote and stimulate it”.

Riad Al-Kouri, economist, Global Challenges Forum board member, and senior adviser for Jordan and Arab affairs, said that “talking about the rise in market sophistication does not mean very much”.

Jordan, he said, has an unsustainable economy, the unemployment rate has been rising for years, yet the solutions are the same as 20 years ago.

Economic and investment advisor Wajdi Makhamreh sees a decline in Jordan’s performance across most of the index categories, including in the performance of government institutions, compounded by major economic problems, such as high budget deficit, indebtedness, and unemployment rates, and a decline in foreign investment.

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