Amman, Feb 15 (Petra) — Central Bank of Jordan (CBJ) Governor Adel Sharkas said on Saturday the national economy displayed “remarkable” flexibility and stability against regional and international challenges, buoyed by structural economic and financial reforms implemented by the government over the past years.

Addressing the 2025 Jordan Banking Summit, Resilience and Innovation in Banking: Adapting to a Transforming Economy, held by the Association of Banks in Jordan, Sharkas also cited a committed CBJ monetary strategy, which buttressed the Jordanian economy to withstand challenges.

The national economy achieved many positive indicators, especially in the external sector, which demonstrated high flexibility and a performance that beat expectations, with national exports accessing new markets and growing 3.8 percent in 2024, to reach JD8.6 billion, tourism revenue posting an income of JD5.1 billion, and expatriate remittances up 2.8 percent to JD2.6 billion, he pointed out.

Foreign investments in the first three quarters of 2024 were at JD906 million despite rising uncertainty in the region, which altogether led to a real GDP growth of 2.4 percent in the specified period, said the CBJ chief. He expected GDP growth at 2.7 percent in 2025.

Sharkas said the national economy has the ability to withstand challenges and thrive as the Kingdom has a long-term roadmap for comprehensive reform in all three political, administrative and economic tracks, in coming years.

The Central Bank’s unwavering goal is maintain monetary stability backed by a foreign reserve of over $21 billion, a decline in the dollarization rate to 18.4 percent by the end of 2024, as well as a drop in the inflation rate to 1.6 percent and an expected 2 percent in 2025, he said.

For his part, Association of Banks in Jordan Head Basem Al-Salem said the global economy faces increasing pressures as a result of inflation and changes in central bank policies, as well as escalating economic and geopolitical uncertainty, which forces emerging markets to adapt to energy fluctuations and financial turmoil.

He said AI has reshaped productive sectors, enhancing efficiency but raising questions about the labor market’s future.

Al-Salem said the Jordanian economy achieved a growth rate of 2.4 percent during the first nine months of 2024, with expectations of 2.9 percent in 2025 as inflation rates are kept at low levels.

Most economic sectors have recorded positive growth, with the exception of the construction sector, which declined by 1.5 percent, while exports increased by 5.2 percent, which helped reduce the trade deficit, while unemployment was down to 21.5 percent, he noted.

//Petra//SS

15/02/2025 17:07:03