Chairman of the Jordanian Businessmen Association Hamdi Al-Tabbaa participated in a symposium organized by the Arab Thought Forum via video communication technology to discuss the book “Engines of Economic Growth Seeds for Practical Ideas”, issued by Majdalawi House for Publishing and Distribution, Amman, for the economic, financial and banking advisor, Dr. Adly Qandah.
The book analyzes in a scientific manner the most prominent drivers of economic growth in Jordan during the past fifty decades. The book also tries to anticipate the future with regard to the leading sectors that can lead growth in the coming years and decades in light of modern technological developments, after the fourth industrial revolution and after the Corona pandemic.
During the meeting, Al-Tabbaa stressed the importance of the valuable book, which will be an important economic reference for the Jordanian business community, as well as for policy makers to benefit and infer from it in drawing future economic plans and policies, pointing out that the engines of economic growth are a way to build a strong, prosperous and sustainable economy, by building a successful development model which enhances the competitiveness of the economy. Economic developments have always been the basis of the renaissance and the transition from the agricultural economy to the productive and industrial economy and the accompanying development in human capital and the emergence of the industrial revolution in the eighth century to the fourth industrial revolution, which appeared in our time.
Pointing out that there are many growth engines that are its determinants as well, many of which have been known through studies and research is still in progress, and it is important that policy makers pay attention to the traditional determinants of growth such as consumption, saving, investment and exports, as no one can deny their effects as multipliers of income and output. GDP as well as important tools in fiscal and monetary policies, but in light of the current circumstances and the fundamental changes imposed by the Corona virus pandemic in global trends, it has become necessary to pay attention as well to unconventional determinants of growth, especially those related to technical fields, artificial intelligence and digital transformation.
Also, Dr. Adly Qandah talk about the development of the structure of the leading sectors in the growth of the Jordanian economy, according to their contribution to the GDP since 1976-2020, indicating a clear shift in the sectors that lead growth in the Kingdom, as well as the need to support the small and medium-sized companies sector to raise financing rates, and called on banks to move to the next stage working through its adoption of green finance policies and the introduction of various innovative financial tools and applications to enhance financial inclusion, and its cooperation with financial technology companies