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Volume :25 Issue : 3 1997      Add To Cart                                                                    Download

The Jordanian Economy : Mechanisms Towards an International Adjustment Process

Auther : Khaled Wassef AL-Wazani

  The Jordanian economy can be classified as a (standard small open economy). This stems from geographical, demographic and economic interrelated facts on the ground. However, apart from area and population facts, the economy of Jordan is characterized by its scarce resources and its position as a price taker in its intention – al trade dealings. These two economic features made it impossible for Jordan to live in isolation of any developments or shocks in its regional or international arena. It would not be a matter of exaggeration to say that each developmental stage in the Jordanian economy, whether in boom or bust has grasped its momentum of the feed- inform the economic conditions world wide, and particularly in the economic re-going to which the Jordanian economy belongs. To this end by the late 1980,s almost the whole region has suffered from economic recession, and the Jordanian economy was exception. Given the high foreign dept problems, Jordan had to appeal to the IMF and World Bank for financial and technical assistance. This has resulted in two stabilization and structural adjustment programs. Therefore the main aim of this paper is threefold. First to review the trend of economic development in Jordan since 1967. Secondary, to shed light on the requirements of adjustment programs set by the two international in situations. Finally, to analyze the impact of such requirements on the economy and to give some policy implications and proposed alternatives for some requirements. It was clear to this study, using an analytical approach that the two adjustment programs conducted in Jordan had in common a concretionary feature. This was mainly because of the concentration on aggregate demand management, with little to do with supply side simulation. The main question   posted by the end of this study was: what is after 1998, when the ongoing program comes to end? Will Jordan need another one or can it navigate by it self? Shouldn’t policy makers and economic intellectuals start to think about a national adjustment program, which can sail the country into the new century? This what more research should concentrate on.

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