Publication: Hashemite Kingdom of Jordan - Development Policy Review : Improving Institutions, Fiscal Policies and Structural Reforms for Greater Growth Resilience and Sustained Job Creation (Vol. 1 of 2)
Date
2012-06
ISSN
Published
2012-06
Author(s)
World Bank
Abstract
Jordan's quest for long-term,
inclusive and sustainable growth has remained largely
elusive. By the Growth and Development Commission's
measure of success, namely, an average growth rate of 7
percent over 30 years, Jordan's growth record cannot be
dubbed 'successful'. This Development Policy
Review (DPR) shows that sustaining growth and reducing
unemployment is possible: Jordan has a strong human capital
base, a large endowment in engineers, doctors, accountants,
Information Technology (IT) specialists and a substantial
highly-skilled diaspora (500,000 educated Jordanians abroad,
8 percent of the population). Furthermore, the
market-oriented reforms of the early 2000s have made Jordan
one of the most open economies in the Middle East and North
Africa Region and have led to the emergence of dynamic
non-traditional sectors (e.g., information and communication
technologies, health tourism and business services). What is
missing are: (i) an adequate and stable institutional
framework for policymaking and long-term business
development; (ii) good fiscal policies to manage shocks and
maintain macroeconomic stability; good institutions and
macroeconomic stability were identified by the growth
commission as two of the five common characteristics of
successful growth experiences; and (iii) further
growth-enhancing structural reforms.
Citation
“World Bank. 2012. Hashemite Kingdom of Jordan - Development Policy Review : Improving Institutions, Fiscal Policies and Structural Reforms for Greater Growth Resilience and Sustained Job Creation (Vol. 1 of 2). © Washington, DC. http://openknowledge.worldbank.org/entities/publication/f2b342bf-4a9b-55e4-83fb-977cfc25a1d0 License: CC BY 3.0 IGO.”