Ammon News - The European Bank for Reconstruction and Development (EBRD) expected Jordan's GDP growth to stabilize at 2.5% for 2023-2024, in light of the impact of the ongoing tightening monetary policy in the world.

Growth in Jordan reached 2.5% in 2022, offset by an acceleration in the growth of the tourism sector and a slowdown in growth in the mining sector, according to the economic prospects report issued by the bank on Tuesday.

The report also showed that 2022 witnessed a rise in inflation rates reaching 4.2%, after it was 1.3% in 2021, affected by the rise in food and energy prices in the world, the reflection of the electricity tariff amendments introduced by Jordan in April 2022, and the rise in interest rates based on the decisions of the US Federal Reserve.

In the coming 2024, EBRD expected stronger momentum for structural reforms, easy monetary policies, and recovery in trade flows to support growth by 2.5%.