Economist: Global crisis positively impacts Jordan
19/12/2008 16:40
The global financial crisis is expected to have a positive impact on
Jordan's economy as an increase may been seen in inward flow of remittances and
investments, local daily The Jordan Times today quoted a leading economist as
saying.
Jordanian expatriates' consumption behavior, especially in the Gulf
states, where the majority of remittances come from, is likely to change in
light of the crisis, which means more savings, EnConsult CEO Yusuf Mansur said
yesterday.
Interest rate in Jordanian banks is still higher than that in the
banks in Dubai, for example, which will encourage to deposit the money in
Jordanian banks, added Mansur.
According to the government, workers'
remittances to Jordan during the January-August period of this year exceeded
US$3 billion.
Mansur also predicted an increase in foreign investments in the
country.
The economist quoted the International Monetary Fund (IMF) estimates
that investments will increase in developing countries more than in advanced
states, and economic growth rates in developing countries in 2009, though would
witness a decrease, will still be higher than those in advanced
countries.
According to the IMF, economic growth in the Middle East,
including Jordan, is expected to reach 5.3 percent in 2009, compared to
projected 6.1 percent in 2008.
"These figures make Jordan, which is safe,
attractive for luring investors, who are after a safe haven for their capitals
in such times. This is the right time for strategic thinking and planning to
attract investments," Mansur said.
The remarks were made during a workshop on
"Business and Economic Reporting and Editing-Telling the Story of Global
Financial Crisis" organized by the Jordan Media Strengthening
Program.
Headquartered in Amman Jordan, the Envision Consulting Group (
EnConsult) is a regional economic consulting company providing businesses,
non-governmental organizations, and public policy decision makers with expert
advisory services.
Operating primarily in the Middle East and North Africa
area, EnConsult works independently or in joint venture projects by providing
individual experts or complete teams.
Xinhua
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