Jordan’s economy proves robustness, continues to grow - Qaryouti

The Abdali Top View
(File photo: Jordan News)
AMMAN — Muhammad Ali Al-Qaryouti, a member of the Jordanian Economic Forum's board of directors, confirmed the ongoing recovery of the national economy. This is substantiated by growth figures across various sectors, including a 2.8 percent expansion of the GDP in Q1 2023. اضافة اعلان

The International Monetary Fund (IMF) projects a 2.7 percent rise in real GDP growth for Jordan over the next two years, with a further increase to 3 percent by 2025, Hala News reported.

Qarayouti noted that listed companies in the financial market, achieved after-tax profits of JD1.066 billion in the first half of the year. Among 161 reporting companies, 106 posted profits.

He highlighted growth in various economic indicators during the current year, encompassing financial, agricultural, construction, transportation, storage, communication, extractive industries, tourism, and national exports sectors. Additionally, trade deficit and unemployment rates decreased.

Jordan’s robustness
He elaborated on Jordan's success in overcoming challenges, such as the COVID-19 pandemic, supply chain disruptions, the Russo-Ukrainian conflict, energy issues, and climate change. These accomplishments demonstrate the national economy's resilience and growth, distinguishing Jordan from major global economies experiencing growth setbacks, credit rating declines, and currency fluctuations.

He remarked that Jordan's robustness led to enhanced credit ratings and positive economic growth expectations, supported by international institutions. Jordan's adaptability to global shifts towards decentralization facilitated entry into previously self-reliant markets, evident in key sectors like agriculture, mining, pharmaceuticals, and information technology.

He added, "We now have a viable opportunity to build upon these achievements. The private sector propels growth while the public sector facilitates it. Therefore, maximizing the private sector's role, enabling its potential, and addressing hindrances to production are crucial."

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