Amman, Aug. 31 (Petra) -- Standard & Poor's (S&P) affirmation of Jordan's long-term sovereign credit rating at BB- with a stable outlook reflects the resilience of the national economy and its ability to withstand regional challenges while maintaining financial and monetary stability, a Jordan Chamber of Commerce representative said.
Firas Sultan, representative of the financial and banking sector at the chamber, told the Jordan News Agency (Petra) on Monday that maintaining the rating amid current regional conditions is a positive indicator of the economy's ability to withstand external developments and underscores the impact of economic, financial and monetary reforms implemented in recent years.
He highlighted S&P's assessment of Jordan's economic resilience, strong foreign reserves and continued support from international partners as key factors reinforcing confidence in the national economy and its financial and monetary stability.
Sultan noted that S&P forecasts Jordan's economy to grow 2.5% this year, with average growth accelerating to about 3.2% in 2027-29. He attributed the projected improvement to the potential rerouting of regional trade through Jordan, the growing role of the Port of Aqaba and continued strength in remittances from Jordanian workers abroad.
He added that activity in the industrial and mining sectors, along with major projects and improving trade, could further support economic growth, creating greater opportunities for the private sector and other economic sectors.
Sultan also highlighted the stability of the Jordanian dinar's exchange rate, which is pegged to the U.S. dollar, as a key pillar of monetary and financial stability. He noted that S&P expects foreign reserves to reach about $26 billion by the end of 2026, strengthening the economy's capacity to withstand external shocks and supporting confidence in the national currency.
He pointed to S&P's projected average inflation rate of about 2.4% during 2026-29 as another indicator of continued price stability, supported by government measures to limit the impact of higher oil prices on domestic prices.
From the financial and banking sector's perspective, Sultan described the stable credit rating as a positive development that can strengthen investor and international financial institution confidence, support the investment environment and help attract further investment.
He stressed that monetary and financial stability, a sound banking sector, strong foreign reserves and international support provide a solid foundation for Jordan to navigate regional challenges and capitalize on emerging economic opportunities.
//Petra// AJ
