TAG: Energy
Despite facing a set of extraordinary external and internal challenges over the past several years, the Jordanian economy remained resilient in 2015, with real GDP growth reaching 2.4% that year. The government is working with the IMF to implement fiscal reform policies, supported by low global oil prices, to reduce the kingdom’s fuel import bill, which should have seen GDP growth and major macroeconomic indicators post a moderate improvement in 2016.
After sustained GDP expansion over the last decade, reaching into the double digits, the Ghanaian economy has slowed recently due to a drop in export revenues, a depreciating currency and a widened fiscal deficit. However, the new government’s aggressively pro-business agenda and the country’s fundamentals – a developed private sector, political stability, transparent regulatory frameworks and a wealth of natural resources remain attractive.
Bahrain has continued to offset the effects of the drop in oil prices with a host of measures, including moves towards subsidy reduction. A series of big-ticket projects are under way in a number of sectors and the government is pushing ahead with its all-important diversification initiatives, with a $32bn investment strategy fuelling activity across a variety of areas of the economy. Ongoing investment in the energy sector is expected to help boost the economy in coming years, particularly in terms of enhancing refining and providing a reliable supply of fuel for heavy industry.