Jordan’s economy to grow 2.5% in 2023 — European Bank

(Photo: Jordan News)

AMMAN — With the lifting of restrictions due to COVID-19, the Jordanian economy has been recovering and is expected to record a growth rate of 2.5 percent in 2023, the European Bank for Reconstruction and Development (EBRD) said.اضافة اعلان

GDP is envisaged to have registered a 2.2 percent rise in 2021 due to a strong performance by the mining and agricultural sectors, and the related financial and commercial services, EBRD said in a report, carried by Al-Mamlaka TV.

The report indicated that growth in other sectors remained below the pre-COVID-19 levels. It said there was a limited recovery in the tourism sector, but inflation continued to climb, reaching an annual rate of 2.5 percent recorded by March 2022, because of shortfalls from the energy and food sectors.

The report predicted the GDP growth to reach 1.9 percent this year, as the repercussions of the war in Ukraine continue to affect tourism and trade, and led to a rise in commodity prices and weaker consumption.

International Monetary Fund- -supported reforms are expected to contribute to the envisaged growth. But it is likely to remain moderate because of the government’s tightened belts policy, despite its plan for increased social spending in 2022 to mitigate the impact of the war in Ukraine.

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