Dropping Oil, Economic Slowdown Threat to Jordanian Employees in Saudi

تم نشره في Thu 3 November / Nov 2016. 01:00 AM
  • A view of the Saudi capital, Riyadh - (Archives)

AMMAN —Al Ghad— Economists have voiced their concerns over the increasing pressures on the domestic Saudi private sector to minimise spending, in addition to the regulation of substituting foreign labour with Saudis, at a time when the global oil market is suffering massive dips in oil prices, weighing heavily on the Saudi Economy.

With close to 400 thousand Jordanians employed in Saudi Arabia, and an annual JOD1.46 billion sum in remittance just last year, the effects such a possibility is almost catastrophic for a country that is already in a receding economic situation and features a 15.8 per cent unemployment rate, not to mention in-bound hard and foreign currency, which is the main source for the Country’s reserves of foreign currency.

In fact, Director of the Phoenix Research Centre, Ahmad Awad, did confirm to “Al Ghad” that the sacking of numerous Jordanian refugees in Saudi Arabia has contributed to the increase of employment rates to the current figure.

More so, according to the statistics data published by the Central Bank of Jordan (CBJ), expatriate remittance inbound has declined 4.3 per cent over the first half of 2016, to JOD1.274 billion, compared to the same amount by end of the same duration in 2015.

Experts confirm that the failure to correctly address the issue will result in a massive economic obstacle.