Hashemite Kingdom of Jordan - Development Policy Review : Improving Institutions, Fiscal Policies and Structural Reforms for Greater Growth Resilience and Sustained Job Creation (Vol. 1 of 2)

Hashemite Kingdom of Jordan - Development Policy Review : Improving Institutions, Fiscal Policies and Structural Reforms for Greater Growth Resilience and Sustained Job Creation (Vol. 1 of 2)

Jordan's quest for long-term, inclusive and sustainable growth has remained largely elusive. By the Growth and Development Commission's measure of success, namely, an average growth rate of 7 percent over 30 years, Jordan's growth re...

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Bibliographic Details
Main Author:	World Bank
Format:	Development Policy Review (DPR)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCESS TO INFORMATION ACCOUNTING AGRICULTURE BENCHMARK BENCHMARKING BINDING CONSTRAINTS BORROWING BUSINESS CLIMATE BUSINESS DEVELOPMENT BUSINESS ENVIRONMENT BUSINESS REGULATIONS CAPITAL ACCOUNT CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL INFLOWS CAPITAL INVESTMENT CENTRAL BANK CENTRAL BANKS COLLATERAL COMMUNICATION TECHNOLOGIES COMMUNICATION TECHNOLOGY COMPARATIVE ADVANTAGE COMPETITIONS COMPETITIVE MARKETS COMPREHENSIVE STRATEGY CREATING JOBS CURRENCY DEBT DECENTRALIZATION DEVELOPED COUNTRIES DEVELOPMENT POLICY DEVELOPMENT STRATEGY DOWNSIDE RISKS DRIVERS ECONOMIC ACTIVITY ECONOMIC COOPERATION ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC REFORM ECONOMIC REFORMS ECONOMIC SECTORS ELASTICITY EMERGING ECONOMIES EMERGING MARKETS EMPLOYMENT GROWTH EMPLOYMENT SHARE EXCHANGE RATE EXOGENOUS SHOCKS EXPENDITURES EXPORT GROWTH EXPORTS EXTERNALITIES FACTOR MARKETS FERTILITY RATES FINANCIAL CRISIS FINANCIAL INTEGRATION FINANCIAL SECTOR FINANCIAL SERVICES FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN FIRMS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN LABOR FOREIGN MARKETS FOREIGN WORKERS FREE TRADE FREE TRADE AGREEMENT GDP GDP PER CAPITA GLOBAL ECONOMY GLOBAL MARKETS GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH IN TRADE GROWTH POLICIES GROWTH POTENTIAL GROWTH RATE GROWTH RATES HIGH EMPLOYMENT HUMAN CAPITAL HUMAN RESOURCE HUMAN RIGHT INCENTIVES TO INVESTORS INCOME INCOME GROUPS INDIVIDUAL FIRMS INFRASTRUCTURE DEVELOPMENT INNOVATION INTERNATIONAL COMPETITION INTERNATIONAL COOPERATION INTERNATIONAL MARKETS INVESTMENT CLIMATE INVESTMENT CLIMATE REFORMS INVESTOR CONFIDENCE JOB CREATION JOINT VENTURES LABOR FORCE LABOR FORCE GROWTH LABOR MARKET LABOR PRODUCTIVITY LABOR SUPPLY LABOR SURVEYS LOW TARIFFS LOW-INCOME COUNTRIES MACROECONOMIC EFFECTS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET FAILURES MARKET SHARES MIDDLE INCOME COUNTRIES MIDDLE INCOME COUNTRY MINES MONETARY POLICY MONOPOLIES MORAL HAZARD NATIONAL OUTPUT NET EMPLOYMENT NET JOB CREATION NEW MARKETS NEW PRODUCTS OIL OIL PRICES OPEN ECONOMIES PARTICULAR COUNTRIES PENSION PENSION CONTRIBUTIONS POLICY INSTRUMENTS POLITICAL ECONOMY POLITICAL INSTITUTIONS POLITICAL STABILITY POPULATION GROWTH POTENTIAL INVESTORS PRICE SUBSIDIES PRIVATE INVESTMENTS PRIVATE SECTOR PRIVATE SECTOR WAGES PRIVATE SECTORS PRIVATIZATION PRIVATIZATIONS PRODUCERS PRODUCTIVITY DECOMPOSITION PRODUCTIVITY GROWTH PRODUCTIVITY INCREASES PROPERTY RIGHTS PUBLIC DEBT PUBLIC GOOD PUBLIC SECTOR JOBS PUBLIC-PRIVATE PARTNERSHIP PUBLIC-PRIVATE PARTNERSHIPS RAPID EXPANSION RAPID GROWTH REAL ESTATE REAL WAGES REGIONAL TRADE REGULATORS RENTS REPUTATION RESERVE REQUIREMENTS RESOURCE MANAGEMENT RETAIL TRADE RETIREMENT RISK PREMIUM SAFETY SAFETY NET SAVINGS SERVANTS SKILLED LABOR SKILLS DEVELOPMENT SOCIAL BENEFITS SOCIAL PROTECTION SOCIAL SAFETY NET STATE CAPTURE STATE-OWNED ENTERPRISES STRUCTURAL CHANGE SUPPLIERS SUSTAINABLE GROWTH TAX TAX EXPENDITURES TECHNICAL ASSISTANCE TECHNOLOGICAL CHANGE TECHNOLOGY TRANSFERS TELECOMMUNICATIONS TOTAL EMPLOYMENT TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TOTAL LABOR FORCE TRADE COMPETITIVENESS TRADE DIVERSION TRADE LIBERALIZATION TRADE POLICY TRADITIONAL MARKETS TRANSPARENCY UNEMPLOYED UNEMPLOYMENT UNEMPLOYMENT RATE VALUE ADDED VENTURE CAPITAL VENTURE CAPITAL FUNDS VIRTUOUS CYCLE VOLATILITY WAGE BILL WAGE INCREASES WORKER WORKING CONDITIONS WORLD DEVELOPMENT INDICATORS WORLD TRADE WORLD TRADE ORGANIZATION WTO
Online Access:	http://documents.worldbank.org/curated/en/2012/06/17073510/hashemite-kingdom-jordan-development-policy-review-improving-institutions-fiscal-policies-structural-reforms-greater-growth-resilience-sustained-job-creation-vol-1-2-synthesis http://hdl.handle.net/10986/12302

Description
Summary:	Jordan's quest for long-term, inclusive and sustainable growth has remained largely elusive. By the Growth and Development Commission's measure of success, namely, an average growth rate of 7 percent over 30 years, Jordan's growth record cannot be dubbed 'successful'. This Development Policy Review (DPR) shows that sustaining growth and reducing unemployment is possible: Jordan has a strong human capital base, a large endowment in engineers, doctors, accountants, Information Technology (IT) specialists and a substantial highly-skilled diaspora (500,000 educated Jordanians abroad, 8 percent of the population). Furthermore, the market-oriented reforms of the early 2000s have made Jordan one of the most open economies in the Middle East and North Africa Region and have led to the emergence of dynamic non-traditional sectors (e.g., information and communication technologies, health tourism and business services). What is missing are: (i) an adequate and stable institutional framework for policymaking and long-term business development; (ii) good fiscal policies to manage shocks and maintain macroeconomic stability; good institutions and macroeconomic stability were identified by the growth commission as two of the five common characteristics of successful growth experiences; and (iii) further growth-enhancing structural reforms.

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