External Trade
Since 1995, economic growth has been low. Real GDP has grown at only about 1.5% annually, while the official unemployment has hovered at 14% (unofficial estimates are double this number). The budget deficit and public debt have remained high and continue to widen, yet during this period inflation has remained low due mainly to stable monetary policy and the continued peg to the United States Dollar. Exports of manufactured goods have risen at an annual rate of 9%. Monetary stability has been reinforced, even when tensions were renewed in the region during 1998, and during the illness and ultimate death of King Hussein in 1999.
Expectations of increased trade and tourism as a consequence of Jordan's peace treaty with Israel have been disappointing though not unexpected. Security-related restrictions to trade with the West Bank and the Gaza Strip have led to a substantial decline in Jordan's exports there. Following his ascension, King Abdullah improved relations with Arabic states of the Persian Gulf and Syria, but this brought few real economic benefits. Most recently the Jordanians have focused on WTO membership and a Free Trade Agreement with the U.S. as means to encourage export-led growth.
Read more about this topic: Economy Of Jordan
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“Nature predominates over the human will in all works of even the fine arts, in all that respects their material and external circumstances. Nature paints the best part of the picture, carves the best of the statue, builds the best part of the house, and speaks the best part of the oration.”
—Ralph Waldo Emerson (1803–1882)
“I look on trade and every mechanical craft as education also. But let me discriminate what is precious herein. There is in each of these works an act of invention, an intellectual step, or short series of steps taken; that act or step is the spiritual act; all the rest is mere repetition of the same a thousand times.”
—Ralph Waldo Emerson (1803–1882)