Jordan’s economy to grow 2.7% by 2023 — IMF report

AMMAN — Jordan’s economy is expected to grow by 2.4 per cent in 2022, compared with 2.2 per cent in 2021, according to an International Monetary Fund (IMF) report.

In its World Economic Outlook report, the IMF expected Jordan's economy to grow by 2.7 per cent in next year, and by 3.3 per cent five years from now.

Inflation in Jordan this year is expected to be around 3.8 per cent, while the IMF lowered its 2023 forecast to 3 per cent, and its 2027 prediction to 2.5 per cent.

The inflation rate in 2021 was 1.3 per cent, according to the report.

The report forecasts global inflation growth to slow from 6 per cent in 2021 to 3.2 per cent in 2022 and 2.7 per cent in 2023, the IMF's report said.

Global inflation was expected to rise from 4.7 per cent in 2021 to 8.8 per cent in 2022. The report predicts that the global inflation rate will decline to 6.5 per cent in 2023 and to 4.1 per cent by 2024.

World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva have warned of a growing risk of global recession, as inflation remains a continuing problem after the beginning of the war against Ukraine, which started last February.

There's a real danger of a world recession in 2023, Malpass said, highlighting concerns related to slow growth in developed economies, currency depreciation in multiple developing countriesand ongoing inflation concerns.