Amman: Since His Majesty King Abdullah II ascended the throne in 1999, he has embarked on an ambitious journey to revolutionize Jordan’s economic landscape, prioritizing the establishment of a free national economy and enhancing the citizens’ quality of life.
Throughout the past 25 years, His Majesty has placed a strong emphasis on economic development, restructuring the national economy, stimulating the private sector, crafting an attractive investment climate, upgrading infrastructure, and effectively managing the national debt.
As we mark the Silver Jubilee of King Abdullah II’s accession, it’s an opportune moment to assess the strides made in Jordan’s economic development under his stewardship. His Majesty’s leadership has propelled the country towards global integration, encouraging investments in industry, trade, and services.
Initiatives such as the development of supporting projects, modernization of legislation, creation of a business-friendly environment, expansion of export markets, and the esta
blishment of the Aqaba Special Economic Zone Authority and industrial cities have all contributed to the economic modernization agenda.
Jordan’s economic achievements during King Abdullah II’s reign are evident in the significant growth of its Gross Domestic Product (GDP), which escalated from JD5.999 billion in 2000 to JD34.544 billion in 2022.
Furthermore, GDP per capita witnessed a notable increase from JD1278 in 2001 to JD3056 in 2022, alongside a substantial rise in total exports from about JD1.081 billion in 2000 to approximately JD8.082 billion in 2022, showcasing the comprehensive progress across all facets of the national economy.
Under His Majesty’s guidance, Jordan embraced an economic policy characterized by openness and market liberalization, aiming to foster sustainable growth, trade liberalization, and integration into the global economy. This strategy was designed to position the private sector as a key driver of economic activities and create a regulatory environment attractive to investor
s.
Despite the challenges presented by regional and international crises, Jordan has displayed remarkable resilience, overcoming adversities through the collective efforts of its people and wise leadership.
This resilience is underscored by Jordan’s performance in various global indices, including competitiveness, industrial performance, ease of doing business, and innovation, indicating a solid foundation for ongoing economic advancement.
In the face of economic challenges, King Abdullah II has continually reinforced the vitality of both the public and private sectors, fostering a sense of hope and determination and underscoring Jordan’s capacity for economic development amidst crises.
From the inception of his reign, economic development has remained a cornerstone of His Majesty’s vision, as evidenced in his speeches and directives aimed at economic restructuring, private sector engagement, investment climate enhancement, and national debt management.
His Majesty’s commitment to expanding the private s
ector’s role, fostering legislative development, and attracting investments in tourism and capital has been a recurrent theme in his governance.
King Abdullah II has advocated for a collaborative approach to national economic advancement, emphasizing the participation of the private sector in economic reforms, investment climate improvement, and equitable national income distribution. He has championed initiatives to stimulate production, create employment opportunities, enhance the tourism sector, and develop sustainable agricultural practices.
His Majesty’s insistence on transparency and proper utilization of public funds in the privatization process highlights his commitment to good governance. This approach has steered government efforts towards prioritizing economic affairs, including the implementation of economic, financial, and structural reforms aimed at achieving inclusive and sustainable growth.
Throughout his reign, King Abdullah II has emphasized the importance of economic liberalization, glob
al integration, and strengthening economic relations with both Arab and international partners to combat unemployment, poverty, and attract investments.
Jordan’s strategic engagement with the global economy through partnerships, trade agreements, and memberships in international organizations like the World Trade Organization, the United States Free Trade Agreement, and the European Union Association Agreement, reflects His Majesty’s vision for a prosperous, open, and competitive Jordan on the world stage.
Source: Jordan News Agency