AMMAN — Jordanians were 10 percent less confident about the
current state of the economy in the first quarter of the year, compared to the
previous quarter, according to a study issued by international market research
firm IPSOS.
اضافة اعلان
The drop indicates a significant deterioration in people’s
outlook regarding the future state of the economy and their personal financial
situation, according to IPSOS’ Consumer Sentiment Index, a monthly survey of
consumer attitudes that seeks to predict general consumption and investment
trends in the markets and economies.
IPSOS also found that although Jordanians still view
unemployment as the top concern for the country, their concern over rising
living costs increased by 7 percent, constituting a key concern for 48 percent
of Jordanians.
The research firm attributes the drop to stricter measures
to curb the spread of
COVID-19 during the first quarter of 2021, when Jordan
was battling the second wave of the virus, with cases registered at the height
of the wave exceeding 9,000 per day.
Jordan’s score in the index dropped 3.6 points, compared to
last quarter, according to IPSOS.
The drop witnessed in the overall index was primarily led by
a decline across three out of the four main indices: Personal financial
conditions, economic expectations and investment climate.
As for investment, Jordan currently ranks among the bottom
five countries, out of 23 surveyed economies, as Jordanians feel less confident
about their ability to invest, as the negative outlook towards investment
increased by 7 percent, unlike other surveyed countries, where improved ability
to invest in the future was perceived.
A similar trend was observed in the study in terms of job
security; while people worldwide are somewhat more confident about their job
security than last quarter, Jordan on the other hand is among the only three
countries globally who showed lower confidence levels.
“As long as the virus continues to dictate the need for such
precautionary measures, Jordanians’ bleak economic outlook is bound to
persist,” a statement from IPSOS said.
“Hope now lies in the aftermath of the government’s
nationwide vaccination rollout; and the acceleration of economic openness
coinciding with the increase in demand for the vaccine, which will lead to an
economic recovery, albeit slow,” the statement added.
“An economic slowdown was expected given the steep rise in
cases and associated protective measures. But what was really interesting this
quarter is that Jordanians are more understanding of the need for this lockdown
and are more supportive of governmental measures compared to Q4 of 2020,” Saif
Nimry, managing director of Ipsos Jordan & Iraq, was quoted as saying in
the statement.
“We hope that this understanding will translate to better
and faster adoption of the national vaccination campaign, to facilitate the
national efforts for a safe, open and economically revived summer,” he added.
Ipsos’ Jordanian Consumer Sentiment Index’s quarterly result
is driven by the aggregation of four weighted sub-indices relating to current
personal financial conditions, economic expectations, investment climate, and
employment confidence, according to Ipsos.
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