The Report: Jordan 2018

  • ID: 4701800
  • Country Profile
  • Region: Jordan
  • 200 Pages
  • Oxford Business Group
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Efforts to the Fulfill the Stipulations of a $723m Extended Fund Facility Agreement with the IMF Continue

FEATURED COMPANIES

  • Arab Bank
  • Central Bank of Jordan
  • MORE

As ongoing volatility continues to hamper growth in the region, Jordan has made significant progress in preserving macroeconomic stability and reducing its fiscal deficit in the past few years. Efforts to the fulfil the stipulations of a $723m extended fund facility agreement with the IMF continue and the government may need to pursue more widespread reforms to increase income tax revenues and limit tax avoidance so as to sustain recent momentum.

Jordan in brief

Significant progress in implementing an IMF-backed reform agenda in 2016 marked a turning point for the economy, helping Jordan reduce its budget deficit and bring GDP growth in constant prices from a 25-year low of 2% in 2016 to 2.2% the following year. While the latter figure was still below target, the Jordan Economic Growth Plan 2018-22 aims to put the country back on track towards meeting its Vision 2025 programme goals, with improvements to the business environment and digital expansion to play key roles in this. Several measures also seek to enhance the participation of the private sector, which provided 64% of net job creation during the first half of 2017.

Country Profile

  • History continues to shape modern-day Jordan
  • Legal reforms to build a more effective judicial branch
  • Decentralisation bodes well for regional development
  • Efforts to bridge the budget gap and limit tax avoidance
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FEATURED COMPANIES

  • Arab Bank
  • Central Bank of Jordan
  • MORE

SNAPSHOT

  • Jordan in brief

COUNTRY PROFILE

  • From the ground up: Traditions continue to shape modern-day Jordan
  • Legal matters: Reforms focus on improving the judicial branch, addressing corruption and bolstering regional governments
  • Viewpoint: Crown Prince Hussein
  • Interview: Hani Al Mulki, Prime Minister of Jordan
  • Mind the gap: Tax reforms included in plans to bridge the budget deficit
  • Interview: Imad Fakhoury, Minister of Planning and International Cooperation

ECONOMY

  • Turning a corner: A new national strategy is poised to reinvigorate growth
  • Interview: Omar Malhas, Minister of Finance
  • Moving on up: Improving rankings on international indices seen as key to unlocking private investment
  • Interview: Muhannad Shehadeh, Minister of State for Investment Affairs
  • Getting the green light: State strategies look to foster renewable energy development
  • Tackling the deficit: Budget balance given a boost by higher tax revenues
  • Interview: Abdulwahab Al Bader, Director General, Kuwait Fund for Arab Economic Development

FINANCIAL SERVICES

  • Steady trajectory: Ongoing reforms and new programmes are driving progress
  • Interview: Ziad Fariz, Governor, Central Bank of Jordan
  • Electronic solutions: The central bank is partnering with local entrepreneurs to develop financial technology offerings
  • Power of bonds: Sharia-compliant lenders offer alternative financing
  • Interview: Iyad Asali, General Manager, Islamic International Arab Bank
  • Interview: Nemeh Sabbagh, CEO, Arab Bank

ENERGY

  • Energising new tactics: The sector is increasingly turning to private development and renewable sources to power the nation
  • Interview: Saleh Kharabsheh, Minister of Energy and Mineral Resources
  • Bright horizons: The solar segment continues to offer development opportunities
  • Pooling resources: Multiple approaches being pursued to increase the water supply and meet growing demand

TRANSPORT

  • On the move: Projects are under way to enhance and rehabilitate key links
  • Interview: Kjeld Binger, CEO, Airport International Group
  • Up and away: Airports and the flag carrier position themselves for expansion and competition
  • Off the beaten track: The rail system looks to move beyond domestic freight haul

AQABA

  • Forward momentum: The growing coastal city continues to attract investment
  • All hands on deck: Port upgrades and expansion programmes for related facilities are set to support growth
  • Interview: Nasser Shraideh, Chief Commissioner, Aqaba Special Economic Zone Authority

CONSTRUCTION & REAL ESTATE

  • Laying the foundations: A new labour pool and higher standards should position the sector to meet increasing domestic and regional demand
  • Balancing act: Strategies aim to meet rising real estate demand while boosting affordable options

INDUSTRY & RETAIL

  • Regional rebound: Government policy and improving conditions are set to boost manufacturing and international trade
  • Interview: Yarub Qudah, Minister of Industry, Trade and Supply
  • Best foot forward: The established textiles, garments and accessories segment pushes ahead into new markets
  • Setting sale: The market is shifting as modern retail grows in influence

TOURISM

  • Return to growth: New attractions and international connections encourage visitors and foreign investment
  • Interview: Lina Annab, Minister of Tourism and Antiquities

ICT

  • A major contributor: Strategies target transformation into a digital economy and leading regional centre
  • Interview: Ghazi Al Jobor, CEO, Telecommunications Regulatory Commission
  • Getting connected: Initiatives to expand e-government services support the ongoing digital transformation

HEALTH & EDUCATION

  • Stable and expanding: Existing advantages, ongoing reforms and a mid-term strategy are helping to keep the industry dynamic and robust
  • Learning curve: Comprehensive reforms and comparative advantages provide a solid base for a sector facing financial concerns
  • Interview: Labib Khadra, President, Al Hussein Technical University
  • Smart learning: National strengths in ICT and a series of new initiatives are driving technology use among students and teachers in the classroom and online
  • On the job: Development and promotion of technical and vocational training key to improving employment rates

TAX

  • Encouraging investment: A more responsive and efficient tax regime is incentivising investment
  • Viewpoint: Osama Shakhatreh, Assurance Partner, Ernst & Young Jordan

LEGAL FRAMEWORK

  • Zu’bi Advocates & Legal Consultants Fostering best practice: Reforms enacted to boost consumer and environmental protection
  • Viewpoint: Khaled Asfour, Managing Partner, Zu’bi Advocates & Legal Consultants

THE GUIDE

  • Beauty sleep: Accommodation options in popular areas across the country, from bustling cities to historical sites
  • Listings: Telephone directory of helpful public and private entities to add peace of mind to your stay
  • Facts for visitors: Useful practical and cultural information for both business and leisure travellers
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  • Airport International Group
  • Al Hussein Technical University
  • Aqaba Special Economic Zone Authority
  • Arab Bank
  • Central Bank of Jordan
  • Islamic International Arab Bank
  • Kuwait Fund for Arab Economic Development
  • Telecommunications Regulatory Commission
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