Jordan Snapshot - PESTLE, SWOT, Risk and Macroeconomic Analysis report is designed to provide in-depth information about Jordan including it’s PESTLE (political, economic, social, technological, legal and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and country risk analysis backed by macroeconomic data.
Jordan is strategically positioned at the crossroads of the Middle East-North Africa (MENA) region, centrally located between Europe, Asia, and Africa. The Hashemite Kingdom of Jordan is only one of two Arab countries to have signed a peace agreement with Israel, and in 2001, it became the first Arab country to sign a Free Trade Agreement with the United States. The official language of Jordan is Arabic, and the currency is the Jordanian dinar (JOD).
Jordan is estimated to have population of 10.312 million in the year 2023 and expected to reach 10.426 million by 2027, increasing at a CAGR of 0.28%.
Jordan’s real gross domestic product (GDP) was JOD 29.584 billion in 2020 and while recovering from the COVID-19 impact it increased by 2.16% to be around JOD 30.238 billion in 2021. It is further expected to increase by a CAGR of 3% and reach JOD 36.105 billion by 2027.
Jordan’s unemployment rate was 22.7% of total labor force in 2020. Due to slowdown in global economic activity due to COVID-19 pandemic, the unemployment in Jordan increased by 7.06% and reached 24.425% in 2021.
Jordan’s per capita GDP was USD 4,666.199 whereas purchasing power parity (PPP) based per capita GDP was USD 11,974.857 for the year 2022.
In 2022, Jordan government’s revenue was JOD 8.907 billion whereas the expenditure was JOD 10.904 billion. This resulted in Jordan government’s net lending / borrowing negative at JOD 1.997 billion in 2022 indicating that not enough financial resources were made available by the Jordan government to boost economic growth.
The current account balance for Jordan was negative USD 3.232 billion for the year 2022 and is expected to further increase at a CAGR of 4.79% and reach negative USD 2.528 billion by 2027. This negative current account balance indicates that Jordan will remain a net borrower from rest of the world till 2027.
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