Dr. Adli Kandah

Adopting real-time data is undoubtedly a critical step in supporting informed decision-making in Jordan, especially amid growing challenges and economic and social pressures that demand swift and effective responses. Real-time data is not just a modern technological trend; it is a cornerstone for ensuring transparency, enhancing public trust, and improving the responsiveness of public policies across various sectors.

The importance of real-time data lies in its ability to empower decision-makers to effectively address crises and challenges, whether natural, economic, or health-related. Providing updated and accurate information fosters trust between citizens and institutions and contributes to sustainable development by enabling more efficient resource allocation. In Jordan, the significance of this is evident through the experience of the Crisis Management Center, which heavily relies on real-time data to address various crises. This center exemplifies how modern technology can be utilized to manage resources and coordinate efforts at the national and international levels.

In the United States, the Federal Open Market Committee relies heavily on real-time data to make decisions regarding interest rates. Various economic indicators, such as inflation rates, GDP growth, and unemployment rates, are analyzed in real time to assess the state of the economy. For instance, if the data shows accelerating inflation and robust economic growth, the committee may decide to raise interest rates to curb inflation. Conversely, if the data indicates economic slowdown or rising unemployment, it may opt to lower rates to stimulate economic activity. In times of economic stability, the committee might keep interest rates unchanged. This process depends on timely and accurate data analysis to ensure flexible and effective responses to economic changes.

For Jordan to transition toward real-time data, urgent investment in technology and digital infrastructure is required. Modern systems for data collection and processing must be developed, alongside creating centralized databases that enable quick access to information. Additionally, there must be a focus on building human capacities by training national professionals in data analysis techniques and digital system management. Strengthening partnerships between the public and private sectors and leveraging international expertise, such as insights from the “Eye on Earth Summit 2015,” which emphasized bridging the data gap, is equally crucial.

International experiences offer valuable lessons on leveraging real-time data. However, many key macroeconomic data in Jordan remain non-real-time, suffering from a time lag that affects the speed and efficiency of decision-making. These include quarterly GDP, unemployment rates, poverty levels, and other critical economic indicators. These datasets rely on lengthy collection and analysis cycles, making them less effective in providing an immediate picture of the economic situation. Reducing this time lag can enhance the precision of policy and economic responses, highlighting the urgent need to develop real-time data systems to address this challenge.

Furthermore, cost-forecasting simulation capabilities offer significant benefits for decision-making processes. These benefits include improving decision quality by enabling institutions to objectively evaluate and compare the potential costs of different options, leading to more precise decisions aligned with organizational goals. Simulations also mitigate risks by analyzing various scenarios to understand how variables may impact costs, allowing informed decisions that minimize potential risks. They enhance resource utilization through efficient allocation based on a deeper understanding of potential costs, thereby optimizing resource use. Finally, simulations provide strategic insights, enabling organizations to align their decisions with long-term goals and support their overall vision.

In the U.S., models like GDPNow are used to forecast economic performance, while Singapore relies on advanced monitoring systems to deliver precise insights into economic activities. Even in developing countries like Rwanda, real-time data has proven crucial in supporting vital sectors such as healthcare and agriculture.

At the national level, Jordanian institutions play a pivotal role in driving this transformation. The Department of Statistics is responsible for collecting and publishing national data, while the Central Bank of Jordan significantly contributes to financial data analysis. Additionally, the Ministry of Digital Economy and Entrepreneurship supports digital transformation. Meanwhile, various forums, research centers, and specialized researchers often provide accurate insights into economic issues.

Adopting real-time data in Jordan is not a choice but an urgent necessity to address current and future challenges. Through investing in technology, enhancing human capacities, and fostering partnerships across sectors, Jordan can boost its competitiveness and effectively achieve sustainable development goals. This approach will lead to better decision-making processes, ensuring faster and more precise responses to the continuous changes in both the local and global landscapes.