AMMAN, — The Jordanian national economy growth forecast of 2.3 percent for 2016 is in line with the average growth rate for the Middle East and North Africa region, the World Bank said on Thursday.

In its Jordanian Economic Monitor – Fall 2016 report, the world bank said that Jordan’s economic growth has been subdued in the last year as spillovers from regional instability take a toll. Growth of 2.1 percent in the first half of 2016 slightly declined compared to 2.2 percent in first half of 2015, the World Bank report noted.

“Jordan has been managing spillovers from the Syrian crisis including closure of trade routes with Iraq and Syria and hosting more than 656,000 registered Syrian refugees with UNCHR, with an estimated 1.3 million Syrians in Jordan as per the census,” according to the report.

“While the Jordanian economy has held up with growth generated from a number of sectors, it has been losing momentum,” the WB said, adding that the outlook is subject to downside risks.

Containing the fiscal deficit and implementing the new IMF program will be challenging as some adjustment measures could be considered socially sensitive, the report noted.

“In parallel, the implementation of planned reforms aims to improve the functioning of the labor market, improve the investment climate and unlock access to finance, which are vital to stimulate economic activity, and improve welfare.

Source: Nam News Network

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