According to the Qatar National Bank, Jordan’s economy continues to recover from its near economic crisis in 2012, despite a worsening regional context. With the support from the International Monetary Fund (IMF) and GCC countries, the authorities are continuing to implement their national reform agenda.
As a result, real GDP growth for the first half of 2014 edged up to 3.0%, compared with 2.8% in 2013, despite the intensification of the conflicts in Iraq and Syria. Lower oil prices should also reduce pressures on the current account and the fiscal balance in the latter part of this year. As a result, the QNB forecasts of 3.6% growth in 2014 and 4.2% in 2015 seem within reach (see the report here: Jordan Economic Insight Report).
Growth in 2014 will be mainly driven by the private sector, construction and a further recovery in tourism. This momentum should continue in 2015 and 2016 as the economic reforms implemented under the IMF program will start bearing fruit.