AMMAN —
Jordan has dropped seven points in the 2022 Global Competitiveness Index and is
now ranked 56th globally amongst 63 Arab and foreign countries, Al-Mamlaka TV
reported.
اضافة اعلان
The report, issued by the
Swiss based
International Institute for Management Development, showed that Jordan ranked
fifth in the Arab world after the UAE, Qatar, Saudi Arabia, and Bahrain.
Jordan advanced one step on the economic
performance axis to rank 62nd in the world. However, the Kingdom slipped on two
main axes, as it fell in government efficiency by nine steps, ranking 44th
globally, while it dropped by 12 steps in the business efficiency, now ranking
45th globally. It maintained its standing on infrastructure at 55th globally.
The report revealed that the most prominent
economic challenges facing Jordan this year are “high unemployment rates and
energy costs”, pointing to their “impact on the competitiveness of the business
and economic sectors, in addition to regional instability and hosting a large
number of refugees, which pose challenges to the stability of economic growth.”
It also pointed to finance issues considering the high levels of public debt.
Areas that showed improvement pertained to
gross domestic product (GDP) and the significant contribution of renewable
energy to the total energy mix, the report said.
Some of the indicators that contributed to
Jordan’s drop on the index included Jordan’s competitiveness, a decline in
tourism income and trade-to-GDP ratio, and a drop in the Kingdom’s current
account balance.
Among the most indicators that showed
improvement in the competitiveness report are access to finance (68.9 percent),
policy stability and predictability (58.3 percent), a skilled workforce (55.3
percent), an effective legal environment (43.7 percent), a high level of
education (41.7 percent), a business-friendly environment (39.8 percent),
reliable infrastructure (34 percent), effective labor relations (30.1 percent),
and cost competitiveness (25.2 percent).
In 2021, Jordan had ranked 49th globally on
the Global Competitiveness Index, having advanced nine ranks.
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