Hashemite Kingdom of Jordan - Development Policy Review : Improving Institutions, Fiscal Policies and Structural Reforms for Greater Growth Resilience and Sustained Job Creation (Vol. 1 of 2)
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Washington, DC
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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.
Palabras clave
ACCESS TO INFORMATION, ACCOUNTING, AGRICULTURE, BENCHMARK, BENCHMARKING, BINDING CONSTRAINTS, BORROWING, BUSINESS CLIMATE, BUSINESS DEVELOPMENT, BUSINESS ENVIRONMENT, BUSINESS REGULATIONS, CAPITAL ACCOUNT, CAPITAL ACCUMULATION, CAPITAL FORMATION, CAPITAL INFLOWS, CAPITAL INVESTMENT, CENTRAL BANK, CENTRAL BANKS, COLLATERAL, COMMUNICATION TECHNOLOGIES, COMMUNICATION TECHNOLOGY, COMPARATIVE ADVANTAGE, COMPETITIONS, COMPETITIVE MARKETS, COMPREHENSIVE STRATEGY, CREATING JOBS, CURRENCY, DEBT, DECENTRALIZATION, DEVELOPED COUNTRIES, DEVELOPMENT POLICY, DEVELOPMENT STRATEGY, DOWNSIDE RISKS, DRIVERS, ECONOMIC ACTIVITY, ECONOMIC COOPERATION, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC POLICIES, ECONOMIC REFORM, ECONOMIC REFORMS, ECONOMIC SECTORS, ELASTICITY, EMERGING ECONOMIES, EMERGING MARKETS, EMPLOYMENT GROWTH, EMPLOYMENT SHARE, EXCHANGE RATE, EXOGENOUS SHOCKS, EXPENDITURES, EXPORT GROWTH, EXPORTS, EXTERNALITIES, FACTOR MARKETS, FERTILITY RATES, FINANCIAL CRISIS, FINANCIAL INTEGRATION, FINANCIAL SECTOR, FINANCIAL SERVICES, FISCAL CONSOLIDATION, FISCAL DEFICIT, FISCAL POLICIES, FISCAL POLICY, FIXED CAPITAL, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN FIRMS, FOREIGN INVESTMENTS, FOREIGN INVESTORS, FOREIGN LABOR, FOREIGN MARKETS, FOREIGN WORKERS, FREE TRADE, FREE TRADE AGREEMENT, GDP, GDP PER CAPITA, GLOBAL ECONOMY, GLOBAL MARKETS, GROSS DOMESTIC PRODUCT, GROSS FIXED CAPITAL FORMATION, GROWTH IN TRADE, GROWTH POLICIES, GROWTH POTENTIAL, GROWTH RATE, GROWTH RATES, HIGH EMPLOYMENT, HUMAN CAPITAL, HUMAN RESOURCE, HUMAN RIGHT, INCENTIVES TO INVESTORS, INCOME, INCOME GROUPS, INDIVIDUAL FIRMS, INFRASTRUCTURE DEVELOPMENT, INNOVATION, INTERNATIONAL COMPETITION, INTERNATIONAL COOPERATION, INTERNATIONAL MARKETS, INVESTMENT CLIMATE, INVESTMENT CLIMATE REFORMS, INVESTOR CONFIDENCE, JOB CREATION, JOINT VENTURES, LABOR FORCE, LABOR FORCE GROWTH, LABOR MARKET, LABOR PRODUCTIVITY, LABOR SUPPLY, LABOR SURVEYS, LOW TARIFFS, LOW-INCOME COUNTRIES, MACROECONOMIC EFFECTS, MACROECONOMIC MANAGEMENT, MACROECONOMIC POLICIES, MACROECONOMIC STABILITY, MARKET FAILURES, MARKET SHARES, MIDDLE INCOME COUNTRIES, MIDDLE INCOME COUNTRY, MINES, MONETARY POLICY, MONOPOLIES, MORAL HAZARD, NATIONAL OUTPUT, NET EMPLOYMENT, NET JOB CREATION, NEW MARKETS, NEW PRODUCTS, OIL, OIL PRICES, OPEN ECONOMIES, PARTICULAR COUNTRIES, PENSION, PENSION CONTRIBUTIONS, POLICY INSTRUMENTS, POLITICAL ECONOMY, POLITICAL INSTITUTIONS, POLITICAL STABILITY, POPULATION GROWTH, POTENTIAL INVESTORS, PRICE SUBSIDIES, PRIVATE INVESTMENTS, PRIVATE SECTOR, PRIVATE SECTOR WAGES, PRIVATE SECTORS, PRIVATIZATION, PRIVATIZATIONS, PRODUCERS, PRODUCTIVITY DECOMPOSITION, PRODUCTIVITY GROWTH, PRODUCTIVITY INCREASES, PROPERTY RIGHTS, PUBLIC DEBT, PUBLIC GOOD, PUBLIC SECTOR JOBS, PUBLIC-PRIVATE PARTNERSHIP, PUBLIC-PRIVATE PARTNERSHIPS, RAPID EXPANSION, RAPID GROWTH, REAL ESTATE, REAL WAGES, REGIONAL TRADE, REGULATORS, RENTS, REPUTATION, RESERVE REQUIREMENTS, RESOURCE MANAGEMENT, RETAIL TRADE, RETIREMENT, RISK PREMIUM, SAFETY, SAFETY NET, SAVINGS, SERVANTS, SKILLED LABOR, SKILLS DEVELOPMENT, SOCIAL BENEFITS, SOCIAL PROTECTION, SOCIAL SAFETY NET, STATE CAPTURE, STATE-OWNED ENTERPRISES, STRUCTURAL CHANGE, SUPPLIERS, SUSTAINABLE GROWTH, TAX, TAX EXPENDITURES, TECHNICAL ASSISTANCE, TECHNOLOGICAL CHANGE, TECHNOLOGY TRANSFERS, TELECOMMUNICATIONS, TOTAL EMPLOYMENT, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TOTAL LABOR FORCE, TRADE COMPETITIVENESS, TRADE DIVERSION, TRADE LIBERALIZATION, TRADE POLICY, TRADITIONAL MARKETS, TRANSPARENCY, UNEMPLOYED, UNEMPLOYMENT, UNEMPLOYMENT RATE, VALUE ADDED, VENTURE CAPITAL, VENTURE CAPITAL FUNDS, VIRTUOUS CYCLE, VOLATILITY, WAGE BILL, WAGE INCREASES, WORKER, WORKING CONDITIONS, WORLD DEVELOPMENT INDICATORS, WORLD TRADE, WORLD TRADE ORGANIZATION, WTO