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Jordan Robust recovery

by Executive Contributor

Jordan may be situated in a precarious environment, having borders with countries such as war-ravaged Iraq and unstable Israel and the Palestinian territories, yet it has managed in this decade to avert a recurrence of the 1988-1989 economic meltdown by having strong political allies with countries such as the US and support from the International Monetary Fund. The fund provided Jordan with support from 1989 to 2004, allowing the country to survive an economic crisis that saw that deficit spiral to 23% of GDP before grants received in 1988, external public debt soar to 174% of GDP, and inflation spike to over 25% in 1989. Debt rescheduling Jordan’s economic recovery was aided by debt rescheduling from political allies, mainly the 19-nation creditor group, the Paris Club. As is in the case of Egypt, the debt relief was partly a token of appreciation to Jordan for its support to the U.S.-led

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