JCC recognizes economic achievements under King’s reign

Amman, June 8 (Petra) — In honor of the Accession to the Throne Day, the Jordan Chamber of Commerce (JCC) acknowledged the significant economic achievements accomplished under the reign of His Majesty King Abdullah II.

With a clear vision for the national economy, represented by a comprehensive “roadmap” spanning over a decade, Jordan has successfully modernized and developed the commercial and service sectors, enhancing their pivotal role in the national economy.

In a statement on Thursday, the JCC indicated that the trade sector, recognized as a top national priority due to its substantial contribution to the Gross Domestic Product (GDP), has been a key focus of the Economic Modernization Vision, noting that estimates for 2021 reveal that the trade sector accounted for 7.9% of the GDP, amounting to JD2.4 billion.

“Throughout his tenure, His Majesty has consistently pursued a path of reform and continuous improvement in all facets of the state, recognizing this as the sole means to establish Jordan as a model in the region. Building upon a rich heritage of construction, achievements, civilization, and humanity, Jordan has persisted in its journey of growth and progress despite political circumstances, regional developments, and economic challenges,” the statement added.

JCC President Khalil Haj Tawfiq affirmed that since the King’s ascending the throne on June 9, 1999, Jordan has earned regional and international recognition as a country that successfully confronts and overcomes challenges while exhibiting the capacity for economic progress and growth, adding that as Jordan enters its second centenary, a new era of comprehensive reform awaits, encompassing political, economic, and administrative domains.

“Under the reign of His Majesty King Abdullah, the commercial and service sectors have made remarkable strides, aligning with the revival witnessed across all aspects of Jordanian life. These sectors exemplify a success story where difficulties and challenges are transformed into opportunities for construction and production,” he added.

Underscoring notable economic advancements witnessed by the Kingdom under the reign of His Majesty, Haj Tawfiq highlighted the substantial rise in the workforce within the commercial and service sectors, with the number of workers increasing from 38,638 in 2000 to 91,263 in 2012, reaching 613,185 in 2022. He explained that these sectors serve as the primary employers of the Jordanian workforce and offer abundant job opportunities.

Additionally, he said, the value of national exports experienced remarkable growth from JD1.081 billion in 2000 to JD4.750 billion in 2012, ultimately reaching JD8.082 billion in 2022. Concurrently, the value of imports escalated from JD3.259 billion to JD19.376 billion during the previous year.

Furthermore, he noted that the total credit facilities extended to the commercial sector by licensed banks surged from approximately JD4.547 billion in 2000 to JD32.592 billion last year. The GDP also exhibited remarkable growth, escalating from JD6.002 billion in 2000 to JD33.691 billion in 2022.

Haj Tawfiq emphasized the resilience of the national economy in overcoming challenges that have impacted the region and beyond over the past decades. The Kingdom has achieved significant growth, development, and business expansion, as evidenced by the increasing number of commercial and service establishments, which currently stand at approximately 165,000 establishments.

Moreover, he shed light on various statistical indicators that reflect the overall economic progress achieved in recent decades. Notably, the per capita share of the GDP rose to JD2,937 in 2021, compared to JD1,278 in 2000.

//Petra// RZ

08/06/2023 09:47:00

Provided by SyndiGate Media Inc. (Syndigate.info).