In recent years, the government has tried to help people by easing financial pressures. But these efforts have also increased the country’s debt. Today, Jordan owes much more money than before, so the government needs to take strong action to control this debt and improve the economy. Recently, the government approved an updated plan for the Economic Modernization Vision (EMV) 2025. 

 

This plan builds on past efforts and includes new projects developed with the help of businesses and experts from different fields. This vision is not random, it is based on carefully designed strategies. The main goal is to grow Jordan’s economy by 5 per cent, which will create more jobs. To succeed, everyone needs to work together. This plan is a roadmap for Jordan’s future, but projects must be completed on time. 

 

Some projects have already been delayed, and some important laws still need to be changed. That is why a big part of this plan focuses on fixing government procedures and making sure projects get done. New laws, like the Investment Environment Law, are steps in the right direction. But the big question is: How can Jordan make this plan work while dealing with rising debt, slow economic growth, and less financial aid? The answer is in two main strategies: Controlling Debt – The government needs to collect more revenue and improve tax collection. In the past, Jordan could borrow money to grow its economy, but today, with so much debt, loan payments take up a big part of the budget. 

 

This means there is less money for important development projects. Growing the Economy – The government must take steps to strengthen businesses, attract investment, and increase productivity. Lowering business costs—such as wages, energy, and transport—will help companies compete better. Economic growth is not just about taxes or government spending; it’s also about making Jordan a better place for businesses and investors. Right now, everyone in Jordan needs to work together to solve these economic challenges. In addition to financial reforms, Jordan must focus on encouraging investment, improving workers’ skills, and supporting innovation. 

 

A strong private sector and a better business environment are key to creating jobs and boosting the economy. The government must also stay flexible, adjusting to changes in the region and the world. At the same time, it must focus on keeping the economy stable and ensuring long-term growth that benefits all Jordanians. In short, Jordan needs a clear plan that balances financial responsibility with economic growth. The (EMV) provides this plan, but it must be adapted when needed. Improving the business environment and helping industries grow will be key. By making smart reforms and strengthening cooperation between the government and private businesses, Jordan can reduce its debt and build a stronger economy for the future.

 

Raad Mahmoud Al-Tal is head of the Economics Department – University of Jordan- r.tal@ju.edu.jo