Main information about Jordan
| Country name | the Hashemite Kingdom of Jordan |
|---|---|
| The capital | Amman |
| Continent | Asia |
| Area | 89,342 km2 |
| Population (2022) | 11.3 million |
| The main language (official) | Arabic |
| Currency | Jordanian Dinar |
| Economic indicators (2022) | Jordan USD |
|---|---|
| GDP (billion) | 47.5 |
| Growth in GDP (%) | 2.5 |
| GDP per capita | 4,205 |
| Unemployment rate (%) | 17.9 |
| Inflation rate (%) | 4.2 |
| Labor force (million) | 3 |
| Export ( billion) | 8.8 |
| Import (billion) | 19.4 |
| Trade balance (billion) | -10.6 |
| Public debt as % of GDP (%) | 114.2 |
| Budget deficit as % of GDP (%) | -4.6 |
| External debt (biilion) | 16.9 |
Source: World Bank, Central Bank of Jordan.
Jordan is characterized by an open economy that has become one of the most competitive economies in the Middle East thanks to the application of liberal economic policies despite its small size and limited resources.
Jordan has a modern and developed banking system that attracts important foreign investments, and long-term sovereign credit ratings are positive and stable, in addition to financial sector policies aimed at enhancing competition and efficiency. Banking supervision and regulation processes are generally in line with international standards. Over the past year, the government has worked to strengthen the country's financial position and macroeconomic environment, which has come under pressure due to the large influx of Syrian refugees.
Since the sixties of the last century, the Jordanian economy began to be characterized as a service sector in the first place, coinciding with the development of the government sector and the acceleration of its economic role.
The Jordanian economy is moving towards a knowledge economy and a digital economy to keep pace with the technological boom witnessed by economic transactions and moved the global economy towards the Fourth Industrial Revolution.
The Jordanian economy has witnessed growth in some of its indicators despite the challenges it faces, as the gross domestic product grew by 2.5% in 2022 compared to 2.2 in 2021.
| Year | Foreign Direct Investment million USD |
|---|---|
| 2020 | 760 |
| 2021 | 622 |
| 2022 | 1,137 |
Source: United Nations Conference on Trade and Development (UNCTAD)
Jordan was selected as one of the three best improved business climates in the Doing Business 2020 report issued by the World Bank, as it improved 29 ranks from 104 to 75. Jordan advanced 33 points in the Simplified Tax Services Index for the application of the electronic tax payment system, and Jordan ranked 40 in the report Global Competitiveness 2019 issued by the World Economic Forum, ahead of six points in the index of domestic competition.
Jordan also ranked 75th out of 190 countries in the latest Doing Business report issued by the World Bank for the year 2020, an increase of 29 places over the previous year. This big jump, which contrasts with years of decline, was primarily the result of a significant improvement in private companies' access to credit.
The Jordanian Investment Law grants equal treatment to local and foreign investors and grants incentives to local and foreign investment in industry, agriculture, tourism, hospitals, transportation, and energy and water distribution. In 2017, Jordan issued amendments to the Companies Law and a law to regulate and standardize control and inspection of economic activities.
The government also implemented additional reforms in 2018, including the insolvency law, the movable assets and secured lending law and its regulation, the investment capital regulation, and the new income tax law.
In 2020, Jordan adopted a new public-private partnership law to support the government's commitment to expand the use of the public-private partnership and encourage the private sector to play a greater role in public economic activity.
In 2022, the Jordanian government introduced a new initiative to encourage investment, including offering single window facilities to investors through the Jordan Investment Commission. Problems related to bureaucracy, corruption and investment protection are obstacles to foreign direct investment. Jordan is also largely open to foreign investment, and the government is committed to supporting foreign investment as foreign and domestic investors are treated equally under the law.
Foreign investment flows to Jordan improved during the period 2016-2022, reaching an average of 2.6% of the GDP, compared to the period 2010-2015, an average of 5.3% of the GDP
International trade between Jordan and Turkey (2020-2022)
| Year | Export Million USD | Import Million USD | Total trade Million USD | Trade balance Million USD |
|---|---|---|---|---|
| 2020 | 92.9 | 559 | 651.9 | -466.1 |
| 2021 | 104.7 | 690.9 | 795.6 | -586.2 |
| 2022 | 73.8 | 644.8 | 718.6 | -571.1 |
Source: international trade center (ITC).
| The most critical Jordanian export to Turkey (2022) | Export value Million USD |
|---|---|
| Inorganic chemicals | 36.6 |
| Fertilisers | 10.5 |
| Lead and articles thereof | 4.4 |
| Electrical machinery and equipment | 4.2 |
Source: international trade center (ITC).
| The most critical Jordanian import from Turkey (2022) | Import value million USD |
|---|---|
| Articles of apparel and clothing accessories | 56.1 |
| Knitted or crocheted fabrics | 49.6 |
| Iron | 31.3 |
| Plastics | 26.3 |
Source: international trade center (ITC).
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