Ammon News - The Economic and Social Council (ESC) on Monday launched a study titled “The competitiveness of the Jordanian economy 2021” aimed to examine the variables affecting Jordan’s competitiveness.

The study allocated a part to examine the cost of the main factors of production: Land, labour and capital, and the contribution of each to the added value and their impact, individually and collectively, on the competitiveness of the economy, the Jordan News Agency, Petra, reported.

ESC President Mohammad Halaiqa, during a press conference, said that there are 38 laws that need to be amended and updated to remove “distortions”, in a bid to encourage competitiveness and investment, raise production efficiency and stimulate the private sector to start partnership agreements with the public sector prior to implementing major development projects.

Halaiqa pointed out that the study examined several international developments, mainly the impact of the Syrian refugee crisis and the global economic crisis in 2008, and the repercussions of the Arab Spring, in addition to the outbreak of the COVID-19 pandemic, which exacerbated the accumulated problems and affected various sectors.

The study also went over main sectors that can enhance the competitiveness of the Jordanian economy, mainly education, health and tourism, by showcasing their competitive advantages.

In this regard, the study called for innovative reform measures within specific timeframes, including developing curricula, raising the level of applied research, vocational training skills, technical education, scientific research, and strengthening partnerships between educational and industrial institutions.

It also stressed the need to find a higher level of coordination between the fiscal and monetary policies due to its impact on macroeconomic stability.

The study indicated that the general budget deficit, total national savings, current account deficit, public debt rate, unemployment and poverty, and other indicators necessitate speeding up procedures for economic reform, starting with tax and financial reforms.