Jordanian economy to grow by 2.5% in 2024, World Bank projects

The Jordanian economy is expected to grow by 2.5 percent this year and 2.6 percent in 2025 and 2026, according to World Bank (WB) projections. The WB stated in its most recent "World Economic Outlook" report that even though the Gaza Strip conflict had a major negative impact on tourism-related activities, there are expectations that the growth of the Jordanian economy will stabilize. Due to a modest increase in oil output and increased activity since the previous quarter, the WB indicated that growth in the Middle East and North Africa would rebound this year, reaching 2.8 percent in 2024 and 4.2 percent in 2025. As a result, projections for 2024 are lower than those set in January. Growth in GCC countries is expected to rise to 2.8 percent this year and 4.7 percent next year, and for oil-importing countries, growth is expected to increase to 2.9 percent this year and then to 4 percent annually in 2025 and 2026. The report said there are downside risks to the region, including the possibility of escalati ng armed conflicts, global tightening that will lead to capital outflows, and exchange rate depreciation in oil-importing countries. Countries with high government debt will see an increase in debt service burdens due to higher borrowing costs and higher risks of financial instability. Source: Jordan News Agency