IGI Logo

Jordan's Finance Minister Mohammad al-Ississ said the country's economy is expected to grow by 2.7 per cent in 2023.

The national economy is moving "confidently" on the path of gradual recovery and Jordan is one of the few countries that international institutions expect to maintain improved economic performance in 2023, the Minister said while addressing a Lower House session on Monday.

He said the net foreign direct investment inflows in the first three quarters of 2022 reached 629 million Jordanian dinars ($886 million), which is 94 per cent higher compared to the same period in 2021.

Al-Ississ added that the the country's foreign reserves stood at $17.3 billion at the end of 2022, which reflects the strength of the Jordanian dinar.

The reserves, he said, cover 7.5 months of the kingdom's imports of goods and services.

The Minister added that Jordan's inflation widened to 4.2 per cent in 2022 and is expected to narrow to 3.8 per cent in 2023.

"Inflation in Jordan is one of the lowest in the world and reflects the government's success in curbing inflation," al-Ississ said.

According to the Minister, Jordan is expected to receive $1,130 million in grants in 2023.

He added that there are strong indicators of recovery in the fields of exports and tourism.