Economy

Ongoing regional conflicts have continued to place significant pressures on Jordan’s economy in the past year. Tourist revenues have been particularly affected while the closure of key trade routes with neighbouring countries has also taken its toll. According to the IMF, however, Jordan has done well despite the effects of regional instability. This is largely due to a recovery in industry and mining, with phosphate production reaching a high of 746,200 tonnes. Moreover, the World Bank forecasts robust GDP growth of 2.5% for the kingdom in 2015 and 3.7% in 2016. A new public-private partnership law and a 10-year economic development strategy are set to support this further growth, with the government working to target billions in foreign investment inflows. Elsewhere Jordan’s fiscal and external balances are expected to stabilise in 2015 and improve moderately over the medium term, while falling oil prices, subsidy reforms and energy diversification will likely improve the country’s economic standing moving forward.

This chapter contains interviews with Umayya Toukan, Former Minister of Finance; Montaser Oklah Al Zoubi, President, Jordan Investment Commission; and Imad Fakhoury, Minister of Planning and International Cooperation.