JCC Warns Against Global Economic Downturn


During the the Jordan Chamber of Commerce’s (JCC) general assembly meeting for 2020, the Head of the JCC, Nael Kabariti, called on the government to take all the necessary precautions ahead of the anticipated global economic downturn in 2022.

Kabariti stressed that “there are global indicators in this direction,” adding that these developments require effort to be tackles along with the current challenges the national economy is facing. He also praised the government’s reform decisions that aim to stimulate economic growth, including revisiting customs tariffs.

Aiming to get the government to prepare for the global economic downturn, he also referred to His Majesty King Abdullah II’s message as a “beacon of progress towards a better future for Jordan and future generations.” He stressed the need to implement its economic content by a “real” public- private partnership.

In regards to the commercial sector, he said that their demands are “still unfulfilled” and a solution must be found quickly. He also criticized some decisions issued by official institutions that clash with the government’s approach that aims to achieve economic reform.

Kabariti highlighted the commercial sector’s belief in the Kingdom’s ability to overcome hard times and challenges, saying “creative” solutions should be implemented to tackle the obstacles facing Jordan’s economic activities. The goal is to pump more cash, enhance people’s purchasing power and postpone bank loan installments.

Coronavirus Crisis and Relevant Issues

Additionally, he called for revamping Jordan’s tax basket by slashing sales levies and providing incentives for sectors that are still suffering due to the repercussions of the COVID-19 pandemic.

The coronavirus crisis affected indicators of the national economy as a whole, which dropped by 2.2 percent during the third quarter of 2020, which came after a positive growth of 1.9 percent during the same quarter of the previous year, noted Kabariti.

As for the hard-hit economic sectors that reported negative growth rates during quarter three of 2020, these include hotels, restaurants, transport and warehousing. All of which are service sectors that make “significant” contributions to the Kingdom’s gross domestic product (GDP), generate job opportunities and hire local workforce.

Source: Petra News


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