Jordan slightly improves ranking among World’s Most Competitive Economies

AMMAN — The 30th edition of the IMD World Competitiveness yearbook saw a slight increase in the ranking of Jordan, moving up 4 places, and landing 52nd. 

Planning and International Cooperation Minister Imad Fakhoury lauded the achievement, which marks a stop in a downturn in competitiveness rankings witnessed over the past few years. 

According to an IMD’s press release, this boost in the Kingdom’s competitiveness is due to “better government and business efficiency, as well as improved performance in several of the measured indicators such as public finance, tax policy, business legislation and digital transformation. All of which facilitate the creation and development of business in Jordan, especially so in the digital work frame which the world is in today, which changes the work we do and the way our economies work”.

However, the way for Jordan to rank among the world’s most competitive economies is long, the statement said.

“The country still ranks low in labour force, and even more so in the inclusion of women in the workforce. Additionally, the Kingdom’s domestic economy’s performance remains the same as last year ... In order for Jordan to strengthen its economic resilience, it should work towards a more inclusive growth and sustainable development, this includes poverty reduction and creation of jobs, particularly for women and youth.” 

In a press statement, Fakhoury said that the report is an important tool for policy and decision makers in the public and private sectors as an indicator of macroeconomic and subsector competitiveness.

The minister said that the drop in Jordan’s ranking in the past few years was “unacceptable”, prompting the ministry to put in place an action plan in 2016 and 2017 to stop the downturn and improve the Kingdom’s ranking in all global indicators including the Global Competitiveness Report and the World Bank’s index of Ease of Doing Business.

The ministry has also analysed the reasons behind the drop and proposed necessary remedial measures, which have seen the government intensify efforts to improve the quality of public services, investment environment and technical expertise, and better cooperation between the public and the private sectors, Fakhoury said.

The government is currently developing an executive action plan that aims to improve Jordan’s ranking in the report by focusing on the government, business and infrastructure efficiency, he said, adding that the government would also continue updating related legislation to improve the business and investment environment, all in accordance with the Jordan Vision 2025, the Executive Development Programme and the Economic Stimulation Plan 2018-2022.