It is the economy

His Majesty King Abdullah’s meeting on Thursday with a number of local business and economy leaders highlighted the challenges facing the country, particularly the economy.

“Today, we are facing enormous challenges on more than one front, foremost of which are economic challenges,” said the King, emphasising the need to define the priorities of the 10-year economic plan the government was entrusted with formulating.

The Monarch called on the private and public sectors to join efforts towards that end, particularly in view of the regional turmoil that has greatly taxed the country’s economy.

Stressing that the economy is the biggest problem facing the nation, King Abdullah said: “If we can solve the problem of the economy, we will overcome the biggest challenge facing us today because our problem is not political or a security one, it is about economy.”

Arabs from neighbouring countries fleeing mayhem in search of safe haven found it in Jordan, but that has only compounded the scarcity of resources in the country, increasing the burden on the Treasury.

Most Jordanians share the view that the economy is the problem that needs urgent attention. They feel the pinch of increased taxation and removal of subsidies, see the poverty and unemployment, especially among the youth and in rural areas, and are aware that these could easily push one into the arms of preying extremists.

There is no doubt that the economy has to improve, and with it the quality of life. For that, pertinent institutions and knowledgeable economists and industrialists have to come together to find the best way.

Large-scale industrial schemes that employ large numbers of Jordanians should be considered by the government. Agriculture should be strongly supported and farming encouraged.

Markets, old and new, should be aggressively tapped, but since quality is crucial to gaining a fair share of any market, exporters will have to work hard to ensure it.

Securing the energy needs of the country is of equal importance, but to meet these needs, serious and effective decisions have to be made.

So far, unfortunately, such resoluteness has been lacking: renewable energy projects were touted and then dropped with flimsy explanations, reinforcing the belief that long-term vision and efficient know-how among decision makers leave a lot to be desired.

True, good planning and intentions are not enough. Without peace in the region, Jordan will be hard-pressed to secure a steady flow of energy or investment from countries near and far.

Still, our policy planners should not wait complacently for peace to happen. They need to come up with a viable and sustainable economic master plan for the following years, taking into consideration all existing constraints, with a view to improving the life of Jordanians.