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Get to Know About Jordan
Jordan, officially the Hashemite Kingdom of Jordan, is an Arabic State in Western Asia, on the East Bank of Jordan River. Saudi Arabia borders it to the south and the east, Iraq to the northeast, Syria to the north, and Israel and Palestine (West Bank) to the West. The capital city is Amman, the populous city and economic center.
Today, almost 97 percent of Jordanians are Arabs, while the remaining 3 percent constitute other ethnic minorities. The official language is Arabic with English as the second language. Its population is estimated to be 9.5 million inhabitants.
The Kingdom of Jordan’s economy is classified as an emerging market. Its annual rate of economic growth is at 8 percent indicating potential growth within the Gulf region. However, due to the Arab spring eruption in 2011, there has been a steady growth coupled with rising public debt and unemployment.
Doing business in Jordan continues to progressively improve despite obstacles such as scarcity of water, over-reliance on oil imports for energy, and regional instability. Jordan’s prime economic resource is predominately on mining/minerals (phosphates, potash) alongside their fertilizer derivatives, tourism, overseas remittances, and foreign support. Therefore, substantial structural reforms aimed at elevating the economy such as boosting aggregate labor productivity to minimize current account deficits are good indicators of doing business in Jordan. The fragility of the economy is bound to continue if there’s no political will by the government in implementing reforms.