Jordan finmin says 2.5% growth in 2021 depends on continued economic activity during pandemic

Jordan's commitment to IMF reforms and investor confidence in the country's improved outlook helped it to maintain stable sovereign ratings at a time when other emerging markets were being downgraded, Al Ississ said.

Reuters | Updated: 17-01-2021 15:50 IST | Created: 17-01-2021 15:41 IST
Jordan finmin says 2.5% growth in 2021 depends on continued economic activity during pandemic
Representative Image Image Credit: Pixabay

Jordan hopes its growth will rebound to 2.5% in 2021 from a 3% contraction in 2020 after economic activity was hit by lockdowns, border closures and a sharp fall in tourism during the coronavirus pandemic, the finance minister said.

Mohammad Al Ississ told parliament in a budget speech that the 2021 forecast, which was in line with International Monetary Fund (IMF) estimates, depended on the country continuing to reopen. "This forecast depends on the assumption of continued economic activity without imposing any lockdowns, if the contrary happens, this growth estimate will not be achieved," Al Ississ told deputies.

The gradual reopening of most of Jordan's key business and manufacturing activities since last summer had helped its economy to reverse earlier IMF estimates of a severe 5% contraction. The country's public finances and balance of payments have been strained by the collapse of tourism and lower remittances from workers overseas with unemployment soaring to a record 22% due to bankruptcies and layoffs.

Al Ississ also said the main goal of this year's 9.9 billion dinar ($14 billion) state budget was to maintain fiscal prudence to help ensure financial stability. Jordan's commitment to IMF reforms and investor confidence in the country's improved outlook helped it to maintain stable sovereign ratings at a time when other emerging markets were being downgraded, Al Ississ said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Why unequal access to coronavirus vaccines is a threat to us all

... ...

India’s love affair with fossil fuels: the path to sustainable development?

... ...

Videos

Latest News

Rugby-Refereeing decisions spark furious debate after Wales win

Englands coach and captain remained tight-lipped over the controversial decisions that gave Wales two early tries in Saturdays 40-24 Six Nations victory in Cardiff on Saturday but there was no shortage of debate among pundits.Wales scored f...

REUTERS NEWS SCHEDULE 10 p.m. GMT/6:00 a.m. SGT

Saudi Crown Prince Mohammed bin Salman may have been spared direct punishment after a U.S. intelligence report implicated him in the killing of dissident journalist Jamal Khashoggi, but he has not emerged unscathed. NIGERIA-SECURITY Nigeria...

Myanmar's U.N. ambassador vows to fight after junta fired him

Myanmars United Nations envoy in New York vowed to fight on Saturday after the junta fired him for urging countries to use any means necessary to reverse a Feb. 1 coup that ousted the nations elected leader Aung San Suu Kyi.I decided to fig...

Saudi Arabia says it intercepts missile attack over capital

Saudi Arabia said Saturday it intercepted a missile attack over its capital and bomb-laden drones targeting a southern province, the latest in a series of airborne assaults it has blamed on Yemens rebel Houthis.The Saudi-led military coalit...

Give Feedback