Planning Ministry, ESCWA and UNICEF Jordan launch new tool to analyse economic policies

AMMAN — The Ministry of Planning and International Cooperation, in cooperation with the United Nations Economic and Social Commission for Western Asia (ESCWA) and UNICEF Jordan  has launched a Computable General Equilibrium (CGE) model to analyse the impact of economic policies on determining investment priorities.

The CGE model is an effective tool for decision-makers and policy analysts to conduct economic forecasting, according to a Planning Ministry statement. 

This tool measures the relationships among different sectors and offers supply curve estimates, prices of goods and services, as well as evidence-based analyses of different challenges arising from external factors.

On Wednesday, Minister of Planning and International Cooperation Nasser Shraideh highlighted the importance of the model in development planning and estimating the economy reaction to changes in policies.

He also expressed appreciation for ESCWA and UNICEF, commending their ongoing support for the Kingdom in various fields. 

Jordan is the first ESCWA-member who has managed to develop this new generation of smart economic models, Executive Secretary of ESCWA Rola Dashti said.

He added that the model will allow decision makers to implement economic and social policies in an immediate and interactive manner.

UNICEF representative Tania Chapuisat said that this joint project with ESCWA is an extension of the long-standing partnership with the Ministry of Planning, highlighting the importance of institutionalising economic modelling for simulating the potential impacts of policy changes on the economy and society.