Shraideh highlights Kingdom’s resilient economy, vision for growth

AMMAN — The Lower House Economic and Investment Committee, led by MP Omar Naber on Wednesday discussed with Deputy Prime Minister for Economic Affairs and Minister of State for Public Sector Modernisation Nasser Shraideh the updates on the  Economic Modernisation Vision (EMV) and the impact of the Israeli aggression on the national economy, especially in the commercial and service sectors.

Shraideh stated that the EMV aims to stimulate growth, reaching 5.5 per cent by 2033, and creating a million job opportunities. He added that the financial indicators of the EMV executive programme for 2023 were excellent, with a real growth rate of 2.7 per cent, Jordanian direct investment reaching  JD605 million, and total Jordanian exports reaching JD7.46 billion in the last 10 months, the Jordan News Agency, Petra, reported.

The minister also said  that the trade deficit, during the first 10 months of 2023, decreased to JD8.14 million, representing a 9 per cent decrease.  He also highlighted that the initial deficit as a percentage of the current year's GDP was approximately 2.6 per cent, compared with 2.7 per cent in 2022. The previous year witnessed local revenue growth of about JD584 million from 2022, reaching JD8.7 billion, a 7 per cent increase, he added.

Regarding the cash stability indicators, Shraideh said that foreign currency reserves reached approximately $18 billion by the end of 2023, covering 8 months of imports. He also highlighted a 2.1 per cent decrease in inflationary pressures until November.

Shraideh also stressed  the impact of the Bab Al Mandab crisis on global navigation, emphasising the government's monitoring of food supplies since the crisis’s onset.  He also highlighted  the government's efforts to address delayed goods by finding alternative solutions. He explained that global fluctuations in energy and imported goods prices are the causes of inflation, affirming comfortable and reassuring monetary stability, linked to various factors including expatriate remittances and tourism income.

Regarding food prices, he assured that the government won't allow exploitation of the current situation by maintaining stability in essential product prices until at least the end of Ramadan.   He emphasised the availability of essential goods, noting that Prime Minister Bisher Khasawneh directed the Civil Consumer Establishment to maintain stable prices for these essential items until the end of Ramadan, regardless of associated government costs.