Fitch Solutions cuts Jordan’s GDP growth forecast from 3% to 2.7%

(Photo: Fitch Solutions Website)
AMMAN —Fitch Solutions, a subsidiary of Fitch Ratings, lowered its previous forecast for the growth of the Jordanian economy for this year from 3 percent to 2.7 percent, against the backdrop of the war in Ukraine, Al-Mamlaka TV reported Saturday.اضافة اعلان

Fitch said that the rise in the prices of basic commodities will raise the inflation rate in Jordan, which will impact the contribution of private consumption and net exports.

It noted that higher energy prices would lead to higher costs for utilities and transportation, which would discourage household spending.

At the same time, rising inflation around the world will affect growth in the Eurozone and the US, the main source of incoming tourists for the Kingdom, slowing the recovery in Jordan’s tourism sector, which accounts for about 20 percent of GDP.

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