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Jordan - Policies for high and sustained growth for job creation : Hashemite Kingdom of Jordan 2012 development policy review : Synthesis (English)

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.

Details

  • Document Date

    2012/06/30

  • Document Type

    Development Policy Review (DPR)

  • Report Number

    74396

  • Volume No

    1

  • Total Volume(s)

    2

  • Country

    Jordan,

  • Region

    Middle East and North Africa,

  • Disclosure Date

    2012/12/17

  • Disclosure Status

    Disclosed

  • Doc Name

    Synthesis

  • Keywords

    Fiscal policies;fiscal policy;information and communication;local government reform;access to information law;freedom of the press;Upper Middle Income Countries;annual average growth rate;oil price;foreign grants;labor productivity;implementation of policies;governance reform;global financial crisis;export promotion program;policy and institution;per capita term;movement of labor;national innovation strategy;areas of trade;credit guarantee scheme;civil society initiative;availability of data;approach to innovation;Rule of Law;exchange rate policy;Exchange rate policies;access to finance;high school diploma;lack of credibility;country case study;moral hazard problem;price of oil;real exchange rate;drag on growth;high oil price;gdp growth rate;human resource management;leakage of benefit;rules of origin;quality of policy;foreign direct investment;primary fiscal deficit;increase in capital;fiscal adjustment;Macroeconomic Stability;Real estate;Fiscal Sustainability;political reform;fiscal balance;public bureaucracy;economic reform;business environment;income quintile;market-oriented reforms;investment rate;external grant;fiscal commitment;fiscal crisis;Price Subsidies;capital formation;transparent procedure;external accountability;implementing policy;Fiscal Reform;factor market;sectoral priority;Labor Market;current expenditure;institutional framework;monetary policy;global integration;exogenous shock;open economy;high share;institutional underpinning;political competition;government revenue;political situation;Industrial Policy;Industrial Policies;jordanian dinar;Wage Bill;sectoral allocation;political institution;fiscal target;public debt;fiscal consolidation;fiscal outcome;fiscal saving;Public Spending;investor confidence;wage increase;capital inflow;risk premium;financing need;fiscal situation;global economy;medical tourism;waiting time;business process;economic sector;technological change;regulatory issue;lessons learnt;Innovation Policies;Economic Policy;strategic approach;opinion poll;budget constraint;innovation policy;market reform;fiscal source;capital account;fiscal transparency;duty-free access;corrective action;productive sector;domestic investment;privatization program;oil exporter;political inclusion;Social Protection;good performance;average investment;financial integration;productivity growth;domestic revenue;Capital Inflows;governance issue;policy formulation;total employment;fiscal cost;incentive framework;recruitment practice;poor household;quality service;macroeconomic instability;welfare distribution;employment share;increasing investment;business service;educated people;Job Creation;long-term growth;indirect impact;Gas Pipeline;successful country;human capital;saving rate;export growth;foreign labor;employment rate;fiscal discipline;sectoral growth;comparative advantage;care institutions;private investment;public accountability;international cooperation;downside risk;euro zone;medium-term program;innovation activity;internal accountability;election commission;constitutional amendment;financing mechanism;political support;ordinary session;civil liberty;high concentration;aggregate investment;funding strategy;political pressure;unemployment rate;fiscal rule;fiscal framework;Tax Exemption;Cash Transfer;budget deficit;public consultation;political leadership;evaluation mechanisms;cross-sectoral reforms;skill development;real gdp;passenger terminal;external environment;capital spending;container terminal;increase growth;resource-rich country;public-private partnership;higher growth;Population Growth;property right;

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Citation

Jordan - Policies for high and sustained growth for job creation : Hashemite Kingdom of Jordan 2012 development policy review : Synthesis (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/744851468038935852/Synthesis