Transitioning Jordan’s economy to the next level

An advanced economy is one that can achieve strong and sustainable growth, adopting a policy of diversity in economic sectors and optimal utilisation of advanced technologies and innovations, such as artificial intelligence, Internet of technologies, financial technology (Fintech) and advancements in vital sectors like transportation, communications, logistics support, trade liberalisation, private sector stimulation and providing economic, political, legislative stability in the country. However, the expectations for the future economic outlook of countries depend on various factors such as politics, technology, demographics, global challenges and other circumstances. The significance of these factors requires the development of a comprehensive framework that considers the country's specificities, traditions, regional and international circumstances.

The economic future of Jordan is a matter of great concern for Jordanians and the international community. Therefore, factors influencing this economic future will refer to several local, regional and international aspects that are supposed to be discussed at the national level to establish a clear roadmap. A quick glance reveals various views to consider when discussing Jordan's economic future, transitioning from the current traditional stage to an advanced futuristic stage that aligns with scientific and technological progress in the field of economy, aiming for a model that meets the ambitions of His Majesty the King and the efforts of His Royal Highness the Crown Prince in achieving comprehensive development to elevate Jordan to an advanced level.

A comprehensive economic revolution is necessary to achieve a bright economic future. Such revolution should cover all service, operational and educational fields. New mechanisms and methods must be adopted to efficiently provide services to citizens, embracing advanced international economic principles that rely on technology to serve society. Additionally, there is a need to modify social thinking to accommodate technological advancements and prevailing scientific progress, focusing on the economy and its inputs as a primary solution to social challenges. Accepting financial technology tools, electronic banks and activating the electronic government system is crucial while we preserve our religious, historical and social heritage wherever possible.

The transformation of work dynamics will elevate the qualified and strong Jordanian economy to an advanced level, leading to increased growth rates, development in the industrial and manufacturing sectors, positive leaps in the job market, allowing horizontal and qualitative expansion in the business environment. Furthermore, reinforcing the tourism sector is essential, as Jordan boasts diverse sites that enrich the tourism inventory and support tourism services to attract tourists, increasing the tourism contribution to the GDP to over 15 per cent. 

To achieve the goal, economic restructuring, implementing effective measures for local economic performance improvement is necessary to achieve the goal of a modern economy, this includes enhancing investment in infrastructure, developing promising economic sectors, adopting modern development methods, enhancing the education system, developing skills among youth by providing specialised training platforms to assist them and utilising electronic services and fintech as an added value to the advanced financial services sector in Jordan.

Transitioning to an advanced economic future requires combined efforts from the government and society. It is crucial to work towards achieving this goal quickly to positively impact daily life. On another note, empowering women in the economy and activating their role is necessary for Jordan's future. Jordan has made significant efforts to legally protect women's rights and make their role central to economic development, despite limitations, as shown by global indicators revealing only a 13.8 per cent empowerment rate for women in Jordan. Furthermore, It is also important to enhance principles of good governance, integrity and transparency to ensure justice for all. Balancing social and comprehensive development is necessary to providing services for all categories, such as healthcare, housing, job opportunities, and addressing poverty and unemployment issues to achieve an advanced economy.

On the other hand, there are few challenges in implementing the plan to move the economy to an advanced level including international security challenges such as terrorism, regional conflicts and cyber threats. These challenges require international cooperation to defeat them. Moreover, on the national level, challenges include funding shortages, liquidity availability, government routines, bureaucracy, and partnerships between the public and private sectors must be tackled. However, overcoming these challenges requires Jordan to create clear national strategy supporting the idea of developing Jordan's economy and transitioning to advanced stages. It is necessary to enhance the business environment, boost international trade, attract foreign investments, create new job opportunities for the youth and unemployed, encourage innovation, improve scientific research and support entrepreneurship. Additionally, the support of international and regional institutions is important to increase the efficiency and awareness of the intended society transition to an advanced stage.

In conclusion, Jordan's transition to an advanced level aligns with the aspirations of His Majesty the King and His Royal Highness the Crown Prince, reflecting their insightful vision to keep pace with the latest developments and progresses. Jordan should extend beyond the current economic and social path. Positive adjustments to the economy are vital. This qualitative shift in Jordan's economy is an inevitable choice and a realistic solution for the future, requiring commitment, perseverance, readiness to learn and change, rejection of traditional ideas and arming oneself with knowledge and information as future work models. I hope that the efforts of His Majesty the King in supporting Jordanian society and economy will secure a genuine transition to an advanced stage accompanied by indicators of healthy and effective growth.

Haider Al Majali is an economic and investment expert