Macro - Country Economic Forecasts - Jordan
We've maintained our 2024 GDP growth forecast for Jordan at 2.1% down from 2.6% in 2023, underpinned by the ongoing regional conflict that is disrupting tourism flows. We expect the disruption in tourism will weigh on the performance of other sectors linked to the tourism industry this year. In Q1, tourist arrivals declined by nearly 10% compared to Q1 2023 and tourism receipts decreased by around 6% from last year. We still expect stable medium-term economic growth and think GDP will expand by 2.2% next year amid the challenging domestic and external environment. However, if Jordan's macrostructural reforms continue to progress, the country would alleviate its low-growth equilibrium.
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