Jordan's unemployment rate stabilizes at 21.4 percent in first quarter of 2024
(MENAFN) Jordan reported that its unemployment rate remained unchanged at 21.4 percent in the first quarter of 2024, compared to the previous quarter. This figure is a slight improvement from the 21.9 percent recorded in the same period of 2023, according to data from the Jordanian General Statistics Department. The unemployment rate among males decreased to 17.4 percent, marking a 2.2 percentage point decline compared to the previous year. However, the unemployment rate among females increased to 34.7 percent, representing a 4 percentage point rise from Q1 2023.
Following a peak near 24 percent during the COVID-19 pandemic, the rate of unemployment has gradually declined. Nevertheless, the Jordanian government attributes challenges to the war on the Gaza Strip, which has negatively impacted Jordanian markets. Moody's credit ratings agency recently upgraded the long-term rating of the Jordanian government's issues in both local and foreign currency to Ba3 from B1. Moody's cited effective macroeconomic and fiscal management, along with risk mitigation measures, as factors contributing to the upgrade. These measures are expected to continue providing a reliable buffer against economic shocks.
Moody's also commended Jordan's commitment to implementing significant structural reforms and strengthening the business environment through the new investment law. Additionally, the agency acknowledged Jordan's achievements in stabilizing public finance indicators. Despite these positive developments, gender disparities in unemployment persist, highlighting the need for targeted policies and interventions to address this issue and promote inclusive economic growth in Jordan.
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