Amman, June 13 (Petra) – Jordan Chamber of Industry President Fathi
Jagbir said on Saturday that the World Bank’s (WB) estimates of
Jordan’s economy underline confidence in its capacity to continue
along a path of growth despite regional and international challenges.

According to a World Bank report, the Kingdom will achieve a growth
rate of up to 3 percent by 2028, signaling an upward trajectory that
began last year, despite global economic challenges and political
turmoil in the region.

According to the “Global Economic Prospects” report, the Jordanian
economy is projected to grow by 2.7 percent this year, rising to 2.9
percent in 2027.

While economies in the Middle East and North Africa region are facing
the repercussions of geopolitical tensions and rising energy and
shipping costs, Jordanian fertilizer exports stand out as one of the
factors capable of mitigating the expected economic pressures this
year, according to latest estimates.

The report showed that rising global fertilizer prices could
partially offset the impact on Jordan by increasing export revenues,
at a time when energy-importing countries are facing challenges
related to rising import costs and a slowdown in regional economic
activity.

The estimates confirm the resilience of the national economy and the
existence of productive sectors capable of shoring up economic
activity, even amidst the uncertainty in the region, Jaghbir told
Petra in an interview.

The World Bank growth rate estimates, he pointed out, are consistent
with the performance of Jordanian industry in recent years, as it
became one of the most important drivers of economic growth in the
Kingdom.

The industrial sector currently contributes directly to about 24
percent of the GDP, and it rises to about 45 percent when taking into
account direct and indirect effects, said Jaghbir. It is also the
largest contributor in recent years, accounting for nearly a third of
the achieved growth, he added.

The Industry Chamber’s head said the importance of the industrial
sector lies in its integration of production, export, employment, and
investment. It provides job opportunities for approximately 271,000
workers and accounts for more than 95% of national exports, he said.

Furthermore, it maintains extensive production relationships and
economic interdependencies with various productive and service
sectors, extending its economic impact to all facets of the national
economy and reinforcing its role as a key driver of economic growth
and development, Jaghbir said.

He noted that the performance of Jordanian industry in recent years
underscores a remarkable capacity to adapt to global economic changes
and regional challenges. Industrial exports have increased from
approximately JD4.3 billion in 2018 to nearly 9 billion by 2025, he
pointed out.

The growth, he said, coincided with an expansion of the production
base, an increase in industrial products’ added value, and a
significant diversification of exported markets and products.

He also cited royal directives supporting the industrial sector,
which were reiterated during His Majesty King Abdullah II’s recent
meeting with representatives of the sector. His Majesty urged
boosting the food, pharmaceutical, and chemical industries,
localizing production inputs, and deepening industrial value chains.
This will contribute to enhancing the competitiveness of Jordanian
industry and increasing its contribution to growth in the coming
period, he added.

Jaghbir said foreign trade results during the first quarter
demonstrated the importance of national industry in propping up
growth. Raw potash recorded the largest increase among industrial
exports, rising by approximately JD47 million, compared to the same
period last year. Fertilizers and related chemical products also
contributed to national exports, he added.

//Petra//SS