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DEAD SEA, Jordan: Jordan’s economy is robust despite spillover violence along its borders from wars in Syria and Iraq, the central bank governor said, and will meet its IMF-approved target this year.
Weak oil prices that have cut the current account deficit to about 9 percent have put the kingdom was on track for about 3.8 percent growth in gross domestic product (GDP) against 3.1 percent in 2014, Zaid Fariz said. Jordan imports all its oil.
“The economy is resilient despite the turmoil around us,” Fariz said on the sidelines of a World Economic Forum meeting in the Dead Sea.
“Our imports from energy have dropped substantially by about 30 percent.”
Growth has accelerated from 2.3 percent in 2013 despite an influx of more than 600,000 Syrian refugees, which has added to the strain on an aid-dependent economy already burdened with over 20 billion dinars ($30 billion) in public debt.
Jordan’s budget deficit is expected to drop to 1.8 percent of GDP this year with losses at state electricity firm NEPCO reduced to 600 million dinars from 1 billion last year and with its arrears wiped out by next year, Fariz said.
NEPCO piled up debts after it was forced to pay independent power producers for energy generated from diesel and heavy fuel after the suspension of cheap Egyptian gas.
Inflation was expected to decline to about 1.8 percent this year, with less than 1 percent inflation so far, Pariz said.
The IMF said recently that the Jordanian economy had withstood well the disruption of trade routes due to wars in Iraq and Syria although the business community says investment sentiment has been hit. Tourism has also been affected.
Fariz said the kingdom had to continue its IMF-guided fiscal adjustment and structural reforms to ensure hard-earned macro-economic stability is preserved.
Foreign reserves continued to show resilience and now stand at a record high of about $14 billion, or the equivalent of almost seven months imports, with the monetary authorities continuing to ease interest rates to encourage growth, he said.