Latest news with #TareqHijazi
Ammon
10-05-2025
- Business
- Ammon
National economy demonstrates resilience, positive outturns
Ammon News - Jordan's economy continues to exhibit notable resilience and a series of favorable macroeconomic outturns, navigating regional geopolitical headwinds effectively. This performance is underpinned by sustained monetary and financial stability, a proactive public-private sector engagement model, and tangible progress in the execution of the Kingdom's Economic Modernisation Vision (EMV). The Kingdom's economic fortitude is reflected in Fitch Ratings' recent affirmation of Jordan's 'BB-' long-term foreign currency sovereign credit rating with a stable outlook, underscoring international confidence in its fiscal and monetary management. GDP expansion registered 2.5% in the preceding year and is forecast to accelerate to 2.7% in the current year, propelled by strengthening domestic and external demand. Monetary stability remains a cornerstone, evidenced by robust foreign exchange reserves held by the Central Bank, which exceeded USD 22.8 billion at end-April. This provides substantial import coverage for 8.8 months and anchors exchange rate stability. Inflationary pressures remained contained, with the consumer price index averaging a low 2.0% in Q1 2025, and a projected full-year rate of approximately 2.2%. The external sector displayed dynamism. National export revenues advanced 8.1% year-over-year by end-February 2025, reaching JOD 1.309 billion, while aggregate exports, including re-exports, grew by 9.1% to JOD 1.449 billion. Tourism receipts were particularly buoyant, surging 8.9% YoY in Q1 2025 to JOD 1.217 billion. Expatriate remittances also contributed positively, increasing by 2% in the first two months of 2025 to USD 606 million. Domestic financial sector health was maintained, with customer deposits at commercial banks expanding 6.8% annually to JOD 47.4 billion by end-March, and credit facilities extended to the private sector growing by 3.9% to JOD 35.2 billion. Real sector activity indicators, such as port throughput at Aqaba, also showed strong performance, with incoming container volume up 22.5% YoY in the first four months of 2025. Furthermore, strategic asset accumulation continued, with Jordan's gold reserves increasing to 72.27 tonnes by end-Q1 2025. The Q1 2025 progress report for the EMV highlights ongoing initiatives to stimulate key sectors and achieve sustainable growth objectives. Economic analysts observe that these positive outturns demonstrate the economy's capacity to absorb shocks. Ahmad Majali, an economist, noted that while the full dividend of structural reforms accrues over the medium to long term, current growth is enabling Jordan to expand its fiscal space and manage budgetary pressures without resorting to severe contractionary measures. He emphasized the critical need for "sustained reform momentum and institutional continuity." Tareq Hijazi, Director General of the Jordanian Businessmen's Association, underscored that "Jordan's financial and monetary stability, coupled with demonstrable progress in structural reforms," has underpinned the consistent economic growth. He cited the record foreign reserves and positive assessments from international credit rating agencies like Fitch and Moody's (Ba3 stable) as key endorsements of the Kingdom's economic management. Both analysts concurred on the imperative to translate these macroeconomic gains into tangible improvements in socio-economic welfare and to bolster Jordan's structural competitiveness. Future policy, they suggested, should focus on deepening public-private partnerships for strategic investments and accelerating major development projects to achieve a higher growth trajectory, targeting above 3% in the medium term, thereby creating a more dynamic and sustainable economic environment. Petra
Jordan Times
09-04-2025
- Business
- Jordan Times
Jordan advances in Global Quality of Life rankings, thanks to reforms, modernisation endeavour
Jordan has advanced to 56th globally and 6th in the Arab world in the Quality of Life Index 2025 by Numbeo, the world's largest cost of living database provider (JT file) AMMAN — Jordan has advanced to 56th globally and 6th in the Arab world in the Quality of Life Index 2025, according to data released by the leading international provider of comparative statistics on living conditions, Numbeo. Jordan's advancement in the ranking is attributed by experts to the broader structural reforms under the Economic Modernisation Vision (EMV) 2033. The latest figures show Jordan edging up one position from last year's global ranking, achieving a composite score of approximately 125 points. Speaking to the Jordan News Agency, Petra, experts explained that the Kingdom's upgrade in the global quality of life ranking is a signal of the deep progress in socioeconomic fundamentals, and of growing resilience in the face of regional volatility. They indicated that upgrading the quality of life for Jordanians lies at the heart of Jordan's economic strategy and the main objectives set forth in the EMV. "The alignment between Jordan's index performance and the strategic objectives of the EMV is evident," said Tareq Hijazi, Director General of the Jordanian Businessmen Association. "The agenda is not merely aspirational but has been materialised into tangible gains in quality-of-life indicators." Hijazi cited improvement in urban mobility, healthcare, education, infrastructure, and community safety and environment. He also cited the government's initiatives implemented under the EMV executive action plan, which 'has helped lay the groundwork for further upward movement in similar global indicators. "Indices like Numbeo's Quality of Life Index are now integral tools for sovereign funds, multinationals, and policy think tanks evaluating jurisdictions for investment, operations, and talent retention," Hijazi said. "A higher ranking can have direct implications for foreign direct investment flows and country branding." Echoing similar remarks, economist Muneer Deih commended the resilience of the national economy's performance despite the macroeconomic pressures and geopolitical turbulence the region has experienced over the past year. 'Despite these headwinds, Jordan has held its ground, outperforming several countries in the region, and coming just behind the more resource-rich Gulf economies,' he said. Numbeo's Quality of Life Index showed Jordan posting relatively strong results in environmental quality, public health services, and crime awareness and in other areas, where reforms have been implemented. Deih, however, acknowledged that the cost-of-living burden on median income segments and housing affordability constraints 'remain structural bottlenecks that require calibrated policy responses.' He called for expanded affordable housing schemes, a more responsive land-use policy, and wage growth mechanisms tied to inflation-adjusted benchmarks. "If the government can close the affordability gap, it stands to gain further ground both in metrics and in the lived experience of its citizens.' Economist Hussam Ayesh explained that the EMV aims to raise GDP growth to 5.6 per cent and increase real per capita income by at least 3 per cent annually, realised by the creation of one million jobs through enhanced productivity, sectoral upgrading, and digital transformation. "This is not a social policy initiative in isolation but a productivity-led growth model that places human capital at the centre," Ayesh said, adding, "Improving the quality of life expands the labour force's capacity, boosts domestic demand, and strengthens social cohesion, all of which are critical to macroeconomic stability and long-term competitiveness." He also underscored the importance of integrating smart infrastructure, AI, and digital technologies into the national development strategy, both to generate high-value employment and to position Jordan as a digitally enabled economy responsive to global shifts.
