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The Economic Crisis in Jordan

Jordon has witnessed a flourish that has not been happened before. This exactly happened after the war of 1973. This flourish is related to The Gulf oil boom and the increase in remittances. And like anything in life, it starts weak, rises, and ends. This is exactly what happened to the economics of Jordon. Flourishment doesn’t stand still for a long time. Many matters result in the collapse of the economy. The matter has become worse and worse with the decreasing of job opportunities and the rising of unemployment levels. There are many reasons for this problem. Let’s mention some of them.

The reasons for economic crisis in Jordon:

The reasons for this economic crisis are uncountable so that it will mention some of them:

  • Economic problems in Jordan have begun to appear since the ban was announced throughout Jordan as a result of the increase in the number of people infected with the Corona virus, which led to the stagnation of the buying and selling movement, which in turn caused stagnation in the country.
  • The economic crisis also occurred because the outbreak of the new Corona virus is the billions of dollars spent on Syrian refugees.
  • One of these reasons is the dependence on Egyptian gas to manage machines and the problems that appears when the gas pipeline connecting Egypt and Jordan exploded. This matter hind the economy for much time.
  • The declining of exports to Iraq because the outbreak of fires in Iraq which results in stopping the process of trading.
  • The decreasing of financial aid that Jordon has received from the friendly countries.

So that, the economic crisis gets worse and worse day by day. But, this is not the only crisis that faced Jordon all over the ages. There are many problems that appears in the last two centuries such as:

  • The decreasing of the Gulf revenues through the war in the Gulf countries. This matter leads to the left of the passengers to their countries and the daily decreasing number of tourists.
  • The other problem that happened in the past is that the crisis of Kiewit and outdooring the Jourdan from Kiewit. That’s because Jordon is a supporter of Iraq and there are many problems between Kiewit and Iraq. Hence, Jordan’s economic downturn has begun to appear, especially after travelers return to their country.
  • it is noticeable that there are many exerted efforts from the sectors of the Jordon to flourish their countries once again. So that, some of them have decided on many strategies to avoid this problem.

The strategies done at the last period:

The reopening of the countries regally, retuning the workers of governmental jobs, opening the doors toward the passengers from other counties to work in Jordon or to stay two weeks before continuing their distention. This helps to the reactivity of the economy.

The Work on developing tourist attractions and allowing them to roam around Jordan instead of the ban that has been imposed for a long period of time. Economists said this opening came too late than expected. Also, some experts of the economy expect the flourishment by some steps.

The expected progress of the Jordanian economy:

Many expectations indicated that Jordan will fully recover from the economic problem it is going through by 2022. Thanks for the exerted efforts from the country which concluded in:

  • Small and medium business financing. This is in turn results in creating job opportunities for youth and limits the number of employers.
  • the continues developing at the processes of trading. This will become true through Jordan’s reform of its policy with foreign countries. This advanced step will decrease the imports and increase the exports.
  • Reducing the imposition of taxes on citizens to avoid the previous mistakes that led to the economic downturn. 
  • The government has also noticed the increasing debt from the other countries. So that, the government seeks hard to reduce the debt. Maybe, this matter will take much time, but finally, it will be.

The government tries hard to be able to solve these problems and provide the citizens with a prosperous life without any Recession. Jordon also makes relationships with other countries to help them. Some of them have reopened the trading with Jordon and the others finance it, but as this article mentioned before that debts from the foreigners have grower much. So that, it is advisable to limit this debt and try to return this money. All these matters are decided to be done by a large group of economic experts to be able to cope with the advanced economy in other countries. All people hope to solve this crisis at beginning of 2022, but who knows the end for that.