While Jordan’s banking sector was not hit as badly as those of some of its Middle East neighbours, it has suffered at the hands of the global financial crisis.
Over the past few years, Jordan has undergone its worst economic contraction in decades. After boasting an average growth rate of 8.1% between 2004 and 2008, the country saw the growth rate of its gross domestic product (GDP) shrink by more than two-thirds, from 7.6% in 2008 to 2.3% in 2009. It posted only marginally stronger growth of 3.1% in 2010. The International Monetary Fund’s initial 2011 GDP forecast of 4% has since been lowered to 3.3%.