Jordan Economic Monitor, Fall 2023 - Building Success, Breaking Barriers
Jordan’s real growth registered 2.4 percent in 2022 and has accelerated to 2.7 percent in H1-2023, compared to a pre-COVID-19 (2012-2019) average of 2.4 percent. Growth was supported by the services sector, agriculture sector, in addition to a robust contribution from agriculture. Inflation decelerated significantly in 2023, supported by favorable base effect, monetary policy tightening and lower global commodity prices. External imbalances have narrowed, supported by a string recovery in tourism activity and travel receipts. Central government fiscal balance was supported by economic growth and revenue-enhancing reforms, whereas total expenditure grew at a slower pace. Despite these positive developments, entrenched structural constraints weigh on labor market outcomes, as labor force participation continues its gradual decline driven by a fall in both male and female participation. Jordanian female labor participation remains among the lowest in the world. Debt-to-GDP ratios continues to rise from already elevated levels with persisting pressures from the electricity and water sectors. The global and regional environments remain challenging. In particular, the conflict in the Middle East has the potential for material economic spillovers on the Jordanian economy, including through its impact on tourism activity. The “In Focus” section highlights the role of women and their increased economic participation as central to Jordan’s development agenda. The piece takes a life cycle approach and follows the journey of girls and women from birth through education and into the labor market. It sheds light on two of the main barriers to women’s increased participation in the economy: childcare and public transportation. A comprehensive institutional renovation, together with enabling policies and a clear signal regarding the role of women, are all crucial in removing barriers and facilitate the integration of women into the labor force.
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Format: | Report biblioteca |
Language: | English en_US |
Published: |
Washington, DC: World Bank
2023-12-21
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Subjects: | WOMEN'S ECONOMIC POWER, LABOR MARKET, FISCAL DEVELOPMENTS, DEBT, MONETARY POLICY, INFLATION, |
Online Access: | http://documents.worldbank.org/curated/en/099603312182322486/IDU0056e275100e7a04ea1088b00c4b24ebf37c8 https://openknowledge.worldbank.org/handle/10986/40786 |
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Summary: | Jordan’s real growth registered 2.4
percent in 2022 and has accelerated to 2.7 percent in
H1-2023, compared to a pre-COVID-19 (2012-2019) average of
2.4 percent. Growth was supported by the services sector,
agriculture sector, in addition to a robust contribution
from agriculture. Inflation decelerated significantly in
2023, supported by favorable base effect, monetary policy
tightening and lower global commodity prices. External
imbalances have narrowed, supported by a string recovery in
tourism activity and travel receipts. Central government
fiscal balance was supported by economic growth and
revenue-enhancing reforms, whereas total expenditure grew at
a slower pace. Despite these positive developments,
entrenched structural constraints weigh on labor market
outcomes, as labor force participation continues its gradual
decline driven by a fall in both male and female
participation. Jordanian female labor participation remains
among the lowest in the world. Debt-to-GDP ratios continues
to rise from already elevated levels with persisting
pressures from the electricity and water sectors. The global
and regional environments remain challenging. In particular,
the conflict in the Middle East has the potential for
material economic spillovers on the Jordanian economy,
including through its impact on tourism activity. The “In
Focus” section highlights the role of women and their
increased economic participation as central to Jordan’s
development agenda. The piece takes a life cycle approach
and follows the journey of girls and women from birth
through education and into the labor market. It sheds light
on two of the main barriers to women’s increased
participation in the economy: childcare and public
transportation. A comprehensive institutional renovation,
together with enabling policies and a clear signal regarding
the role of women, are all crucial in removing barriers and
facilitate the integration of women into the labor force. |
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