Jordan’s economy is expected to grow by 2.1% this year

world bank
(File photo: Jordan News)
AMMAN — The World Bank, in its “Jordan Economic Monitor spring 2022” report, projected that the economic recovery in Jordan will remain stable this year, with a slight impact expected from global risks, according to local news outlets.اضافة اعلان

The World Bank said that Jordan’s economy is expected to grow to 2.1 percent in 2022, partly due to the gradual revival of economy activity, including the tourism sector. Lockdowns brought business to a complete standstill in the wake of the COVID-19 pandemic.

The World Bank said that improving travel prospects will help speed up the process of recovery in the services sector, which was dealt a severe blow under the pandemic.

The government’s latest Economic Priorities Program for 2021-2023 is expected to stimulate the economy.

The World Bank said that recovery in the services sector helped relieve some pressure from the labor market in Jordan, when unemployment peaked at 25 percent in the first quarter of 2022.

But unemployment levels remain significantly higher in the Kingdom, compared with its counterparts in the region.

The World Bank said in its “Jordan Economic Monitor spring 2022” report, which was released on Monday, that Jordan’s economic recovery from the pandemic “remains moderate”.

It explained that the Kingdom’s economy recorded a strong rebound of 2.2 percent last year, compared with an economic contraction of 1.6 percent in 2020.

The World Bank noted that this growth “is slightly higher than the 2.1 percent average recorded in the five years before the pandemic.”

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