Amman, June 13 (Petra) – Jordan Chamber of Industry President Fathi Jagbir said on Saturday that the World Bank's (WB) estimates of Jordan's economy underline confidence in its capacity to continue along a path of growth despite regional and international challenges.

According to a World Bank report, the Kingdom will achieve a growth rate of up to 3 percent by 2028, signaling an upward trajectory that began last year, despite global economic challenges and political turmoil in the region.

According to the "Global Economic Prospects" report, the Jordanian economy is projected to grow by 2.7 percent this year, rising to 2.9 percent in 2027.

While economies in the Middle East and North Africa region are facing the repercussions of geopolitical tensions and rising energy and shipping costs, Jordanian fertilizer exports stand out as one of the factors capable of mitigating the expected economic pressures this year, according to latest estimates.

The report showed that rising global fertilizer prices could partially offset the impact on Jordan by increasing export revenues, at a time when energy-importing countries are facing challenges related to rising import costs and a slowdown in regional economic activity.

The estimates confirm the resilience of the national economy and the existence of productive sectors capable of shoring up economic activity, even amidst the uncertainty in the region, Jaghbir told Petra in an interview.

The World Bank growth rate estimates, he pointed out, are consistent with the performance of Jordanian industry in recent years, as it became one of the most important drivers of economic growth in the Kingdom.

The industrial sector currently contributes directly to about 24 percent of the GDP, and it rises to about 45 percent when taking into account direct and indirect effects, said Jaghbir. It is also the largest contributor in recent years, accounting for nearly a third of the achieved growth, he added.

The Industry Chamber's head said the importance of the industrial sector lies in its integration of production, export, employment, and investment. It provides job opportunities for approximately 271,000 workers and accounts for more than 95% of national exports, he said.

Furthermore, it maintains extensive production relationships and economic interdependencies with various productive and service sectors, extending its economic impact to all facets of the national economy and reinforcing its role as a key driver of economic growth and development, Jaghbir said.

He noted that the performance of Jordanian industry in recent years underscores a remarkable capacity to adapt to global economic changes and regional challenges. Industrial exports have increased from approximately JD4.3 billion in 2018 to nearly 9 billion by 2025, he pointed out.

The growth, he said, coincided with an expansion of the production base, an increase in industrial products' added value, and a significant diversification of exported markets and products.

He also cited royal directives supporting the industrial sector, which were reiterated during His Majesty King Abdullah II's recent meeting with representatives of the sector. His Majesty urged boosting the food, pharmaceutical, and chemical industries, localizing production inputs, and deepening industrial value chains. This will contribute to enhancing the competitiveness of Jordanian industry and increasing its contribution to growth in the coming period, he added.

Jaghbir said foreign trade results during the first quarter demonstrated the importance of national industry in propping up growth. Raw potash recorded the largest increase among industrial exports, rising by approximately JD47 million, compared to the same period last year. Fertilizers and related chemical products also contributed to national exports, he added.

//Petra//SS