Oxford Business Group: Jordan CEO Survey Launched Kingdom’s Budget Reforms Produce Mixed Results
Almost two-thirds of executives interviewed for the inaugural edition of the Business Barometer: Jordan CEO Survey carried out by Oxford Business Group (OBG) had positive expectations for the coming months, although a higher share also felt that investor confidence was failing to improve.
As part of its survey on Jordan, conducted in late 2017, the global research and consultancy firm asked more than 100 C-suite executives from across the country’s industries a wide-ranging series of questions on a face-to-face basis aimed at gauging business sentiment. The results of the survey are now available to view in full on OBG’s Editors’ Blog at: https://oxfordbusinessgroup.com/blog/oliver-cornock/obg-business-barometer-jordan-ceo-survey-2018
From the CEOs surveyed, 63% described their expectations of local business conditions as either positive or very positive. A similar share (62%) also said they believed the level of transparency for conducting business was high or very high compared to other markets in the region.
However, a combined 70% of respondents told OBG that they thought investor confidence in the economy was either not improving or definitely not improving.
In another sign that the government’s budget reform efforts are generating mixed results, almost three-quarters of those interviewed (73%) cited Jordan’s current tax environment as either uncompetitive or very uncompetitive on a global scale.
Commenting on the results in his blog, Oliver Cornock, OBG’s Editor-in-Chief and managing editor for the Middle East, said that while Jordan is traditionally known for its stability, recent protests against proposed tax increases and IMF-mandated reforms were concerning culminating in the resignation of Prime Minister Hani Al Mulki on June 4.
“It remains too early to say whether the move by King Abdullah II bin Al Hussein to ask Omar Razzaz – the widely respected former minister of education and ex-World Bank economist – to step in and form a new government as prime minister will satisfy protesters,” he noted. “But it is undoubtedly a worrying development for a country known for its relative lack of political drama.”
Cornock added that balancing the books while also encouraging growth, at a time when the national finances remained under considerable pressure, would not be easy, even though Jordan’s private sector is relatively strong compared to other countries in the region.
“The new government has the unenviable task of achieving a goal the previous one has failed to meet: enacting economic reform that satisfies IMF donors, the business community and the Jordanian people alike,” he said.
Cornock’s in-depth evaluation of the survey’s results can be found on OBG’s Editor’s Blog,
titled ‘Next Frontier’. All four of OBG’s regional and managing editors use the platform to share their expert analysis of the latest developments taking place across the sectors of the 30+ high-growth markets covered by the company’s research.
The OBG Business Barometer: CEO Surveys features in the Group’s extensive portfolio of research tools. The full results of the survey on Jordan will be made available online and in print. Similar studies are also under way in the other markets in which OBG operates.
Oxford Business Group
The global economic landscape is changing, and since 1994 OBG has been at the frontier of mapping new waves of emerging economies. OBG now operates in many of the world's fastest growing markets, offering internationally acclaimed intelligence on regions that are shaping the future balance of economic power.
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