The World Bank expected that Jordan's economy will witness a gradual recovery from the Corona pandemic, as real GDP would grow by 1.4 percent in 2021.
According to the Bank's semi-annual report for Spring 2021, this expected growth rate shows a modest recovery due to the limited impact of the base, and the presence of a number of the population that will remain without access to the anti-retroviral vaccine by the end of 2021 due to issues related to vaccine procurement, delivery, and vaccination programs. Noting that in the short to medium term, recovery will remain contingent on the speed of the vaccination process, not only at the local level, but also abroad, given Jordan's strong links in trade, travel and investment with the outside world.
According to the World Bank, in the medium term, it is necessary to implement a broad series of growth-enhancing reforms in order to significantly strengthen the business and investment environment, enhance innovation and competitiveness, and improve productivity in order to support a strong growth recovery and create much-needed sustainable jobs. These reforms are important in the context of reducing debt fragility in the midst of rising macroeconomic imbalances. The report revealed that the pandemic has led to an increase in extreme poverty rates and widening income inequality in Jordan, revealing that the reconstruction will require giving the poorest and most disadvantaged groups opportunities to recover what they lost and build resilience in the face of future shocks.
Source (Ad-Dustour Newspaper-Jordan, Edited)
