Over-taxation and high interest rates hinder fiscal growth - Kabariti

Aqaba Chamber of Commerce,
Aqaba Chamber of Commerce. (File photo: Jordan News)
AMMAN — The chairman of the board of directors of Aqaba Chamber of Commerce, Nael Al-Kabariti, stated that Jordan is currently suffering from economic slowdown and requires different and new approaches to increase growth rates. This is necessary to activate the economic cycle, emphasizing that there is a liquidity shortage due to repeated interest rate hikes and over-taxation, both of which deter investors.اضافة اعلان

Kabariti said that attracting investments is the only way to increase growth rates, employ the workforce, and provide liquidity. He pointed out that focusing on production in various sectors contributes to stimulating the economy, Jo24 reported.

He also explained that attracting investments requires changing the way investors are dealt with, from their arrival at the airport until their departure from the country, and removing all obstacles and bureaucratic aspects. Emphasizing that piecemeal solutions do not serve the economy.

The economic growth rate stands at 2 percent, indicating that there is no movement in the economy, and the government has increasingly relied on taxes alone due to their suspension of capital projects.

He indicated that proposed solutions to revitalize the current economic situation include reducing bank interest rates, lowering taxes, and focusing on attracting investments, especially in the field of information technology. He continued to emphasize that raising interest rates and taxes are obstacles to investment.

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