Much discussion of Jordan’s economic potential focuses on the mining and processing of minerals, but knowledge sectors like pharmaceuticals may offer a more effective tonic for the economy.
Jordan
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Despite facing a challenging economic climate marked by regional unrest and high energy prices, Jordan’s industrial sector held its ground in the first four months of 2014, posting modest year-on-year (y-o-y) growth.
A combination of aid and investment from its Arab peers and stronger regional trade ties is proving instrumental in helping Jordan draw a line under several years of sluggish growth.
While Jordan’s economy remains weighed down by a number of challenges, the banks continue to perform strongly, with intended new measures expected to provide a further boost to the industry.
Jordan’s high energy import bills and the frequent power cuts resulting from shortfalls in supplies from Egypt may soon become less of a problem as a new liquefied natural gas (LNG) import facility at the port of Aqaba is set to come on-line by the end of the year.
Jordan’s economy appears to be back on track following multiple external shocks since late 2008, and, while growth remained relatively sluggish at 2.8% in 2013, many analysts predict an average of 4% or higher in the coming years.