AMMAN — Oxford Business Group (OBG), revealed in its newly published report Jordan’s efforts to tackle challenges it faces through far-reaching fiscal reforms .
The Jordan 2016 Report said that despite facing a set of extraordinary external and internal challenges over the past several years, the Jordanian economy remained resilient in 2015. Although Gross Domestic Product (GDP) growth fell to a six-year low as the Kingdom grappled with a rising refugee population and regional volatility, the report said that banking and industrial sectors continued to record a positive performance.
It also focused on Jordan’s industrial sector saying it continues to grow, with phosphates and potash, chemicals and pharmaceuticals, and textiles and garments all seeing expansion in both net profits and volume in 2015. These segments, the report revealed, have grown in the face of global economic headwinds and in a region directly affected by major geopolitical tensions demonstrates the sector’s resilience and ability to adapt.
The report explained that the government, which sees the industrial sector as vital to the Kingdom’s long-term development plans, has also been actively helping manufacturers and heavy industry through incentives and promotional campaigns, to provide support for this sector.
It revealed that the retail sector has shown consistent growth in recent years, with its contribution to GDP reaching JOD1.13 billion (USD1.6 billion) in 2015, up from JOD11.4 billion (USD15.5 billion) in the previous year, or around 10per cent of the total, the report explained.
The new report provides an overview of the legal framework in which local and foreign investors operate in Jordan, including an outline of sectors in which foreign ownership is restricted and a look at recently promulgated legislation for public private partnerships.
The report includes wide ranging interviews and viewpoints of a number of leading financial figures, such as Finance Minster Omar Malhas, Minister of Planning and International Cooperation, Emad Fakhouri, the Central Bank Governor, Ziad Fariz and others.