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Banking Sector: Kingdom's credit rating shows economic strength
The representative of the banking sector in Jordan confirmed that the upgrade of Standard & Poor's sovereign credit rating for the kingdom to BB- with a stable outlook reflects the strength of the national economy and its ability to face regional challenges, as well as its financial and monetary stability. This rating upgrade also signifies the success of the economic and financial reforms implemented by the government, alongside continued support from international partners and the rise in the country's foreign reserves, which are expected to reach around $26 billion by the end of the year. Additionally, Jordan's economy is projected to grow by 2.5% this year, with growth accelerating to 3.2% between 2027 and 2029, supported by the recovery of the manufacturing and mining sectors, improved trade activity, and the strengthening of the Aqaba port. Moreover, remittances from abroad are expected to continue supporting economic stability. Experts emphasize that the stability of the Jordanian dinar’s exchange rate and the forecasted inflation rate of 2.4% enhance investor confidence and ensure the sustainability of economic growth.
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