Jordan records 2.7 GDP growth in 2022, says minister

(File photo: Ameer Khalifeh/Jordan News)
AMMAN — Jordan's Deputy Prime Minister for Economic Affairs and Minister of State for Public Sector Modernization, Nasser Shraideh, announced that the Kingdom's GDP grew by 2.7 percent in 2022, compared to 1.9 percent in 2019, during a meeting with the Chief Economist of the World Bank Group, Indermit Gill. اضافة اعلان

The meeting discussed Jordan's economic progress and efforts to tackle poverty and unemployment, according to Al-Mamlaka TV.

Shraideh emphasized the role of the national industry and the growth in foreign investment and tourism sector in the rise of GDP.

He also highlighted the efforts made to modernize the economy through King Abdullah's Economic Modernization Vision 2022-2033, which includes measures to empower women in the labor market and government plans for digital transformation, vocational training and technical education, and industrial growth.

He emphasized that the World Bank is a main partner of Jordan, and this partnership has led to the implementation of many development goals in the Kingdom.

‘Upcoming challenges’Gill lauded Jordan's progress and acknowledged the Kingdom’s efforts to tackle challenges. He also emphasized the importance of Jordan to look at upcoming challenges, including the low rate of women's participation in the economy.

He also discussed the global economic challenges, including the impact of the COVID-19 pandemic the Russia-Ukraine war, and high interest rates.

Gill contended that that growth rates will rise at a lower rate than they achieved during the previous 10 years, even if the countries of the world overcome the economic challenges and crises they are currently going through.

To this extent, he praised Jordan's score of 29, in the banks 2020 Ease of Doing Business report assessment.

Women’s empowermentDuring the meeting, the economic team highlighted Jordan’s strategy for empowering women in the economic modernization vision and the government's plans for digital transformation, vocational training and technical education, and industrial growth.

The vision, they said, aims to double the percentage of female participation in the labor market and for women's economic participation to reach 28 percent in 2033.

In addition, the first phase of the executive program for the vision included sectorial initiatives, of which 72 percent directly affect women's economic participation, and 28 percent affect indirectly, the economic team said.

The strategy aims to improve the Kingdom's ranking on global gender gap indices, develop a national index for tracking women's economic participation, and ensure legal protection and benefits for women through amendments to labor and social security laws, as well as transferring working women to the formal sector, they said.

Diversify exportsIn the industrial sector, they stressed that the government is in the process of preparing a national strategy to increase the growth of national exports of goods and services.

The government is also working to diversify Jordanian exports, they said, especially since Jordan's exports to the Arab trade zone amounted to JD2.5 billion, according to the figures of the Department of Statistics.

InvestmentThe Investment Environment Law of 2022 and the system to implement the provisions of the law were also discussed by the economic team as a means to attract local and foreign investment.

The executive program for the economic modernization vision for the years 2025-2023 was approved at a cost of JD2.3 billion, with JD650 million to be spent this year, they added.

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