The World Bank expected the Jordanian economy to grow by 2.1 percent in 2022, indicating that high commodity prices, supply chain bottlenecks and the impact of the war in Ukraine pose significant negative risks to the country's economic outlook.
The report of the Economic Monitor for Jordan issued by the World Bank under the title: “Global turmoil limits recovery and job creation”, showed that the forecast depends on the relatively strong growth rate of 2.2 percent recorded in 2021 thanks to the supportive monetary and fiscal policies that the government has resorted to, in addition to the gradual reopening of economic activities. Jordan's economic growth in 2021 was strong, thanks to a significant expansion in the services and industry sectors, and a strong and unexpected recovery in the travel and tourism sector. However, some sub-sectors, especially the services sector that rely on direct interaction with the public to a high degree such as restaurants and hotels, are still lagging behind pre-pandemic levels.
According to the report, the recent economic recovery did not lead to the creation of job opportunities at a high rate, although the recovery in the service sector helped ease some labor market pressures. However, the overall unemployment rate in Jordan reached about 23 percent at the end of 2021, compared to the pre-pandemic level of 19 percent at the end of 2019.
Source (Petra News Agency, Edited)
