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Middle EastDecember 12 2012

Jordan: a brighter future or more of the same?

Ongoing regional instability has taken its toll on Jordan’s banks, which are feeling the impact of a sharp slowdown in the real estate and construction sectors. But with the central bank receiving praise for its response to the crisis, what are the country’s prospects for recovery?
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Jordan: a brighter future or more of the same?

The Arab Spring uprisings that have swept across the Middle East and north Africa region since early 2011 have brought about no shortage of historic events. Against a backdrop of toppled dictators, mounting death tolls and even military intervention by Nato, it is easy to understand why Jordan’s political upheaval has garnered considerably fewer headlines than its neighbours.

Unlike leaders in neighbouring countries, Jordan’s King Abdullah II has reacted almost immediately and positively to the calls for change. In response to the first wave of protests in January 2011, King Abdullah dismissed both his cabinet and prime minister in February and within a week a new government was formed. In August 2011, he approved a list of constitutional amendments and revisions. In October the same year, he once again fired his government and appointed a new cabinet.

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