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Economists at Standard Chartered bank expect the economy of Jordan to contract 1.3% y/y in 2020 on coronavirus-related disruptions and global recession. USD/JOD is sitting at 0.7090.

Key quotes

“We expect the economy to contract 1.3% in 2020 on coronavirus-related disruptions and a global recession.”

“We lower our forecast for the Central Bank of Jordan (CBJ) main rate to 2.5% for 2020 and 2021 (4% prior) on recent rate cuts.”

“We expect the current-account (C/A) deficit to remain manageable, given a lower import bill from the decline in oil prices. The fiscal deficit, however, is likely to widen to 6.9% of GDP in 2020 (4.6% prior) on higher emergency spending.”