Kabariti calls on gov’t to hedge against global economic downturn

(Photo: Jordan News)
AMMAN — Head of the Jordan Chamber of Commerce (JCC), Nael Kabariti, called on the government to take precautions to hedge against a global economic downturn in 2022, stressing that “there are global indicators in this direction,” Jordan News Agency, Petra, reported.اضافة اعلان

Chairing the JCC general assembly meeting for 2020, Kabariti said these developments require efforts to address difficulties still facing the national economy, pointing to the government’s reform decisions aimed to stimulate economic growth, foremost is revisiting customs tariffs.

Kabariti also referred to His Majesty King Abdullah II’s message as a “beacon of progress towards a better future for Jordan and future generations”, stressing the need to implement its economic content by a “real” public- private partnership.

In addition, he referred to the commercial sector’s demands that affect its business and are “still unfulfilled,” which requires speeding up their solution, criticizing some decisions issued by official institutions that clash with the government’s approach aimed to make economic reform.

In this regard, he drew attention to the decision to cancel guidance lists controlling the Kingdom’s garment and carpet imports and the “uncontrolled” postal parcel trading that adversely affects this sector.

Noting the commercial sector’s belief in Jordan’s capability to overcome hardships and challenges, he said “creative” solutions should be made to overcome the obstacles facing the Kingdom’s economic activities by pumping more cash, enhancing citizens’ purchasing power and postponing bank loan installments.

In this regard, he called for revamping Jordan’s tax basket by slashing sales levies, and providing incentives for sectors that are still suffering as a result of the pandemic consequences, especially tourism, foreign investment attraction and support to local investors.

The Covid-19 consequences affected the overall indicators of the national economy, which shrank by (-2.2 percent) during the third quarter of 2020, compared to a positive growth of 1.9 percent during the third quarter 2019, he noted.

Kabariti said hard-hit economic sectors that posted negative growth rates during the third quarter of 2020 included hotels, restaurants, transport and warehousing, which are all service sectors that have “significant” contributions to the gross domestic product, generate job opportunities and employ local manpower.

During the pandemic, he referred to His Majesty King Abdullah II’s efforts to manage the various aspects of the Covid-19 crisis file, and his continuous directives to governments to shun heavier economic losses and sustain wheel of the national economy.

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