Compass – Jordan delayed ending all restrictions of the Corona pandemic, until the beginning of 2022, until the citizens there received negative consequences resulting from the Russian-Ukrainian war, most notably inflation and the fluctuation of supply chains.

This year, the global economic slowdown and fears of recession were added to a series of challenges faced by families in Jordan, with the continued sharp rise in consumer prices (inflation), which strained their pockets.

Therefore, Jordanians’ expectations for a better economic situation for their country did not change until the end of this year, in an extension of the past three years.

Citizens still believe that their economic conditions continue to be complicated, in light of the persistence of high rates of inflation, high prices of services, and most of all, the high interest rates on loans, with stable or even declining incomes for some.

Karam Mahmoud, an employee in the private sector, explains to Anatolia his living condition, indicating that his only source of income is from his job salary, which burdens him year after year without any increase or improvement.

Karam says that the prices of the same basic commodities that life requires have risen without control or intervention by the government. At the same time, his salary remained the same or even decreased due to the imposition of income tax on him.

The costs of monthly bills and school fees are also an inescapable burden, amidst the continuing high cost of living, which makes Karm Ali rearrange his priorities to focus on food and education, away from any luxury.

As for Munir Hamdan, who is also an employee in the maintenance services department of a private sector company, he tells Anadolu Agency that the increase in the cost of living and the expenses of his three children year after year, or even month after month, prompted him to search for additional work.

This is what actually happened 7 months ago, when he got a job in a shop in the afternoon, hoping that his income would improve and he would be able to secure the burdens from which there is no escape.

“As long as the country’s economic situation remains like this, without the company being able to increase my salary and the price hikes continuing, I will remain forced to work overtime.”

According to the latest figures issued by the Department of Statistics, inflation in the country increased during the first quarter of this year by 3.98 percent, compared to the same period last year.

The Finance Ministry expects inflation to reach 3.8 percent for the whole of 2023.

Economist Hussam Ayesh told Anadolu Agency that analyzing the economic reality in Jordan makes it difficult to expect growth of more than 2.5 percent this year, which is similar to what was previously achieved.

All of this will be reflected in the economic and living conditions of citizens, and will impose continued price and cost hikes, without neglecting the impact of the uncertainty the global economy is going through and its impact locally, according to Ayesh.

The economist reminded that Jordan relies, with a large part of its economic resources, on foreign aid, as well as on taxes and fees that citizens pay for in the end.

Estimates of the Ministry of Finance indicate that the national economy is expected to grow by 2.7 percent for the years 2022 and 2023, compared to 2.4 percent for 2021, as Jordan is one of the few countries that international institutions expect it to maintain improving its economic performance.

The budget speech presented by Finance Minister Muhammad Al-Ississ in the National Assembly at the beginning of this year said that despite the global inflationary pressures that the economy was exposed to in 2022, its repercussions locally were much less than in most countries of the world.

The International Monetary Fund, for its part, recently said that Jordan was able to face a number of major global and regional shocks, and maintained its economic stability despite having a relatively high debt.

He pointed out that the growth levels of the Jordanian economy are “low due to the high levels of unemployment,” as a result of the repercussions of the Corona pandemic.

He said, “Achieving prosperity in Jordan is achieved through deepening reforms that improve the business environment, working to reduce energy costs, raising investment capacity, and benefiting from investments in neighboring countries.”

Anatolia