The economy of Asia Jordan is a small, open economy characterized by a high level of economic freedom and a relatively high standard of living. The country has a diversified, export-oriented economy with a focus on tourism, manufacturing, and agriculture. In recent years, Jordan has experienced strong economic growth, with its gross domestic product (GDP) increasing by an average of 4.5 percent annually between 2010 and 2019.
Jordan is a member of the World Trade Organization (WTO) and the Greater Arab Free Trade Area (GAFTA). It is also a member of the Arab League, the Organization of Islamic Cooperation (OIC), and the United Nations (UN). The country is a signatory to numerous free trade agreements, including the Jordan-US Free Trade Agreement (JUSFTA), the Jordan-European Union Free Trade Agreement (JEFTA), and the Jordan-Canada Free Trade Agreement (JCFTA).
The Jordanian economy is primarily based on services, which account for nearly 60 percent of GDP. The services sector includes tourism, banking, telecommunications, and transportation. The manufacturing sector, which accounts for around 20 percent of GDP, is largely focused on food and beverage production, pharmaceuticals, and textiles. Agriculture, which accounts for around 12 percent of GDP, is largely focused on the production of vegetables, fruits, and livestock.
Jordan has a well-developed infrastructure, which includes an extensive highway network, an extensive railway system, and a number of international airports. The country also has a well-developed telecommunications sector, with mobile phone penetration rates among the highest in the region.
Jordan has a well-educated population, with a literacy rate of over 95 percent. The country also has a relatively well-developed health care system, with public health care services available to all citizens.
Jordan has a strong tradition of entrepreneurship and foreign investment. The country has attracted a number of international companies, including Microsoft, HSBC, and Coca-Cola. The government has established a number of free trade zones and special economic zones, which are designed to attract foreign investment.
The Jordanian economy is heavily dependent on foreign aid and remittances. The country receives significant amounts of foreign aid from the United States, the European Union, and other donors. Remittances from expatriate Jordanians are also a major source of income for the country.
Overall, the economy of Jordan is relatively strong and has experienced steady growth in recent years. The country is well-positioned to take advantage of the opportunities presented by the global economy and to continue to grow and develop in the years ahead.