Jordan's economy to grow by %2.3 in 2019,World Bank forecast

'Massive influx of Syrian refugees boosts the informal sector'

10 January, 14:56

    (ANSAmed) - AMMAN, JANUARY 10 - The World Bank said it expects Jordan's economy is to grow by 2.3 per cent in 2019, 2.4 per cent in 2020 and 2.7 per cent in 2021, according to annual report.

    The report cited "massive influx (of Syrian refugees), many of whom are unregistered, has boosted the informal sector, where jobs tend to be labor intensive and low skilled," said the report which drew a gloomy picture of the world economy for 2019.

    Jordanian authorities, meanwhile continue to rely on foreign and local debts to keep its fragile economy going. An official delegation including prime minister Omar al Razaz is currently in Washington negotiating new loans and other deals with the World Bank to help the government meet its fiscal policies.

    The WB this week announced it approved a new round of loans to the kingdom as part of a trend that saw foreign debt reach more than 95.6 percent of the GDP.

    Economists have creticised successive governments for relying on taxation as a main source of revenues for the government, expressing concern that foreign investors could flee the country in search for safe heavens, which would cause a negative impact on unemployment and lead to further increase in poverty.

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