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TAG-Org volunteers to scientifically diagnose Jordan's economic conditions

By By Omar Obeidat AMMAN -- Talal Abu Ghazaleh Business Forum will host on the 25th of this month a founding meeting for experts and decision makers to study and review the economic conditions in Jordan.

According to Talal Abu Ghazaleh, chairman and chief executive officer of Talal Abu-Ghazaleh Organisation (TAG-Org), 200 decision makers, economists, academicians, researchers and representatives of civil society and international organisations were invited to take part in the meeting, which will become an independent committee to prepare scientific analysis on the state of the Kingdom's economy.

After completing the study, the committee of experts, Abu Ghazaleh said a will come up with a report on the economic situation in Jordan and will also provide solutions to overcome the challenges facing the economy.

Describing the troubled economic performance in the country as "man-made and not an inevitable fate," he stressed the urgency to know the real economic, financial and social status in the country and emphasised that Jordan should not wait for global economic recovery.

The aim of the initiative is to serve the Jordanian economy and to provide decision makers with the right information to enable them take the correct decisions, he said at a press conference Saturday to announce the project.

He added that the committee will gather official as well as unofficial information on the economy and that working teams will analyse the figures and information according to a scientific approach and international standards to diagnose the condition of the economy.

Sub-committees will be formed to study four main pillars.

The public finance committee will look into issues related to tax revenues, public expenditure, debt, budget deficit, assessing previous economic reform attempts and evaluating privatisation among others.

The second pillar will be the economic productivity, which will include tax system, productive economy, remittances, investments and external trade, while the third pillar on major challenges will focus on unemployment, poverty, education, expensive prices, economic corruption, energy and water.

Regarding the fourth pillar about joining the Gulf Cooperation Council, Abu Ghazaleh explained that the study will show the opportunities and challenges associated with such move.

He said that a website will be launched for citizens' comments on various economic issues, indicating that the study will not compare the economic conditions in Jordan with other countries.

"It is like when you visit a doctor for medical tests and what the committee will do is to test the health of Jordan's economy," Abu Ghazaleh noted.

© Jordan Times 2011