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.
The Middle East Industry
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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.
Turkey’s powerhouse automotive industry is expected to experience a downturn in 2014, as higher interest rates and a slowing economy cause domestic buyers to hit the brakes on spending. The outlook is likely to remain flat for the rest of the year, though solid exports may help offset some of the localised cooling in the market.
A new phosphate mining and processing mega-project is set to improve Saudi Arabia’s access to the global fertiliser market, but a potential excess of international supply may extend the period before the multi-billion scheme turns a profit.
A new committee has been launched to build on the success of the Aqaba Special Economic Zone, the centrepiece of a long-term strategy to spread faster and more sustainable economic development to the rest of the kingdom.
A confluence of factors is opening opportunities for Jordanian garment manufacturers in their bid to win a greater share of Western clothing markets.