Jordan Thrives: Economic Resilience and Self-Reliance Amid Global Challenges

Amman, March 25 (Petra) — Over the last twenty-five years, Jordan’s economy has navigated a complex landscape characterized by resilience, adaptability, innovation, and a commitment to self-reliance.

Bolstered by a forward-looking royal vision and a strategic pivot towards globalization, the national economy has weathered numerous challenges and emerged stronger.

Amidst global financial crises, the Arab Spring, and the COVID-19 pandemic, Jordan has demonstrated remarkable fortitude and flexibility. Guided by His Majesty King Abdullah II’s dedication to economic modernization, the country prioritized investment in human capital and embraced diversification, propelling sectors like production and services into the modern era.

The economic trajectory is impressive, with the gross domestic product (GDP) soaring fivefold from JD7.12 billion in 1999 to JD34.54 billion in 2022 at current prices. This growth reflects Jordan’s proactive stance towards economic reform and development.

Musa Shteiwi, head of the Economic and Social Council, emphasized the significance of the past quarter-century, highlighting the country’s ability to navigate crises while maintaining growth. He underscored Jordan’s resilience during tumultuous times, attributing much of its success to strategic planning and proactive measures.

The King Abdullah II Fund for Development’s publication, “The Great Transition,” chronicles Jordan’s economic journey through three distinct phases. From the period of robust growth and achievements (1999-2009) to the challenges posed by the COVID-19 pandemic (2010-2020), and now, as the nation embarks on a new century with ambitious reform projects.

Key to Jordan’s resilience has been its ability to innovate and adapt, leveraging human potential and prioritizing sectors crucial for sustainable development. Central to this strategy is a shift towards self-reliance, reducing dependence on foreign aid and focusing on value-added industries like agriculture and industry.

Nael Housami, economist and Director General of the Amman Chamber of Industry, commended Jordan’s private sector for its resilience in the face of adversity. Despite challenges like high production costs and disruptions to trade, the industrial sector has persevered, driving innovation and diversification.

The COVID-19 pandemic underscored the importance of self-reliance, prompting Jordan to ramp up local production and develop new industries. By harnessing internal resources and fostering a culture of innovation, Jordan has not only weathered crises but emerged stronger and more resilient.

In the journey towards economic self-reliance, Jordan continues to prioritize innovation, initiative, and adaptability, laying the foundation for sustainable growth and prosperity in the years to come.

//Petra// AA
25/03/2024 12:28:14