Jordan’s economic growth expected to rise 3.2% in 2017: Report

Jordan’s economic growth expected to rise 3.2% in 2017: Report

Amman: The European Bank for Reconstruction and Development (EBRD) said, in its 2017 economic growth forecasts issued on Tuesday, that economies in the Southern and Eastern Mediterranean (SEMED) region are expected to post a growth of 3.8 percent in 2017 and 4 percent in 2018, supported by reform implementation and continued recovery in the tourism sector, and export rebounds in Egypt and Jordan.
Average growth across the EBRD region is seen at 3.3 percent this year, a rise of 0.9 percentage against the previous forecast from May, and compared with an increase of just 1.9 percent in 2016, Petra reported.
The pace of growth has picked up in 27 of the EBRD’s economies this year, the first time that such a broad upturn has been seen since 2010. Several countries, notably Romania and Turkey, are enjoying growth rates comparable to the pre-crisis levels of the mid-2000s.
The EBRD’s Chief Economist, Sergei Guriev, said: “The broad-based recovery is a very welcome development. It also creates a window of opportunity to carry out reforms that will ensure the sustainability of the stronger growth rates over, the longer term.” Growth across the region is expected to continue into 2018 but at a slightly more moderate pace of 3.0 percent.
Despite the recent acceleration in economic output, the EBRD expects average growth in the region to remain slightly below that of other comparable emerging markets.
It also said the current outlook is subject to numerous risks, including geopolitical tensions, persistent security threats, the growing appeal of populist anti-globalization policies in advanced economies and a high degree of concentration in the sources of global growth.
The EBRD said economic growth in Jordan is expected to remain at 3.2 percent in 2017 and reach around 2.5 percent in 2018.
SM/OIC-UNA