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FINANCIAL NEWS
Jordan’s economy loses USD4b in 2011, 2012 on regional unrest
25 Mar 2013
(MENAFN) The Institute of International Finance (IIF) stated that Jordan’s economy lost around USD4 billion in both 2011 and 2012 due to the regional upheaval, reported Arabian Business.
The Washington-based institute said that the bulk of the amount, nearly USD3 billion, was lost last year, whereas in 2011, the country’s losses were estimated at USD1 billion.
It added that in each of the 2 years, the Kingdom’s economy expanded by less than 3 percent, whereas it would have grown by 4.5 percent in 2011 and by 5.5 percent in 2012, if not for the regional unrest.
In the year, the nation’s fiscal deficit reached 9.5 percent of gross domestic product (GDP), whereas in a normal situation, the gap would have been at nearly 3.6 percent.
It is worth noting that Jordan hosts a big number of Syrian refugees, which costs the Kingdom around USD550 million annually.
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