GDP forecasted to grow by 5% next year

By Omar Obeidat

AMMAN –– Jordan’s economy is expected to grow by 5 per cent next year, according to Finance Minister Mohammad Abu Hammour.

He added that the real growth in gross domestic product (GDP) is expected to reach 5 per cent, higher than the 4.2 per cent forecasted by the International Monetary Fund (IMF).

“This figure might look optimistic to many, but the government will work hard to achieve this target,” he said Wednesday during a meeting with media representatives to brief them on the main aspects of the 2011 state budget.

The national economy is recovering as well as the majority of economies in the region, he elaborated.

In the current year, the Kingdom’s economy is expected to grow by 3.4 per cent, according to official figures and the IMF.

In September this year, the IMF commended in a report the government’s fiscal consolidation measures and expected the country’s economic performance to accelerate over the medium term as growth revives in key regional trading partners, bringing Jordanian output closer to potential.

jordantimes