Jordan Economy to Shrink 3.4% in 2020, Finance Minister Says

(Bloomberg) -- Jordan’s economy is expected to contract 3.4% in 2020, Minister of Finance Mohammad Al Ississ said.

Government revenue declined by 602 million dinars ($849 million) in the first four months of the year, compared with the same period a year earlier. As a result, there will be a higher-than-expected budget deficit this year, the minister said.

“What worries all of us is the impact of coronavirus on the economy, jobs and families and how the crisis has placed the international financing markets under strain,” Ississ said.

Jordan needs to strike a balance between public safety and flexibility in the economy. The country also needs to be ready for further waves of Covid-19 infections, he said.

“Our tough measures were painful but important,” he said, “and we are now in an economic war against the virus.” He added that the country is confident of its ability to overcome the crisis and honor its local and internal obligations.

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