World Bank: Jordan’s economy to grow by 1.8% in 2021

[07-01-2021 12:06 PM]

Ammon News - Jordan’s economy is expected to grow by 1.8 percent in 2021 and rise to 2.0 percent in 2022, according to a World Bank report.

In its "2021 Global Economic Prospects" report, the World Bank indicated that the economic activity in the Middle East and North Africa is forecast to advance by 2.1% this year, reflecting the lasting damage from the COVID-19 pandemic and low oil prices, noting that the recovery is contingent on containment of the pandemic, stabilizing oil prices, no further escalation of geopolitical tensions, and the assumption of a vaccine rollout in the second half of the year.

Among oil exporters, growth is expected to recover to 1.8% this year, supported by normalizing oil demand, the scheduled easing of the OPEC+ oil production cuts, policy support, and the gradual phasing out of domestic pandemic-related restrictions.

The World Bank indicated that a downturn in oil prices, excessive volatility, or an extension of the OPEC+ oil production cuts could hinder growth in oil-exporting emerging market and developing economies in the region. Oil importers could also be affected by a downturn in oil prices through lower remittances and a decline in foreign direct investment from oil exporting countries in the region.

The Bank forecast the global economy will grow again after the COVID-19 pandemic caused output losses in the region of an estimated 5% in 2020. "Employment losses spiked in many economies and employment remains depressed. The income shock from the pandemic is expected to increase the number of people below the $5.50 per day poverty line in the region by tens of millions this year," it added.

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