(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)
Amman – Jordan has started the implementation of a series of measures to encourage green growth and create new job opportunities.
The new package of measures is focused on creating decent jobs in a country that suffers from rising unemployment and low economic growth rate of only 2.3 percent in 2017.
This came in the Jordan Economic Monitor report, which was released during a ceremony held in Amman.
The report also said that the new green growth measures were aimed at benefiting the most from local energies and reducing dependence on costly imports.
Co-sponsored by the Ministry of Planning and International Cooperation and the World Bank, the report noted that regional instability, especially in Syria and Iraq, was the main factor behind the commercial recession in the Kingdom.
It added that crises in the region have contributed to the slowdown in economic performance in Jordan, which was only 2 percent in 2016, compared with the growth rate in the Middle East and North Africa (MENA), which was 3.2 percent for the same year, according to recent figures by the World Bank.
The Jordanian government has recently launched its economic growth plan, which seeks to double the rate of economic growth during the period 2018-2022. Last month, the ministry also launched the National Green Growth Plan, which focuses on energy, water, waste, transportation, tourism, and agriculture.
Jordan’s Minister of Planning and International Cooperation Imad Fakhoury, in a speech delivered on his behalf by Ziad Obeidat, said that regional conflicts have directly impacted the Jordanian economy.
He noted that the average domestic GDP rate for the years 2006-2010 was 6.5 percent compared with 2.6 percent in 2011-2016, and the unemployment rate among young people reached 35.6 percent compared with 30.8 percent in 2015.
For his part, the World Bank’s acting director for the Middle East Kanthan Shankar said: “Jordan has an opportunity to vitalize green growth and undertake climate action as part of a sustainable solution to fiscal, economic and climate vulnerabilities.”
“Such actions would spur job creation, reduce dependence on commodity imports, attract foreign direct investment and leverage international climate finance,” he added.