Aggravated by the passing of the new income tax law and worsening economic conditions, Jordanians continued to take to the streets in hopes of affecting change. With that in mind, the events of the past few months have a had a substantial effect on Jordanians’ confidence in the government especially when it comes to lowering the deficit gap and reducing inflation.
Current economic hardships have also had a great impact on this quarter’s JCSI with the index witnessing a 7-point drop when compared to the last quarter. This has been primarily led by Jordanians’ diminished confidence in their ability to spend or make big investments in the future. Further fueling current sentiments is Jordanians’ concern regarding unemployment within the country with many exhibiting less confidence when it comes overall job security.
That being said, Jordan is not alone, in fact Worldwide Worsening Economic Conditions have also led to an overall drop in the global PCSI Index. Currently, the global index is almost 1 point below its level in the third quarter, putting it at its lowest point in the past 14 months. With that in mind, consumers around the world are showing lower propensity to invest and spend. Ultimately, deteriorating economic conditions in the kingdom is not only the result of internal factors and in fact have been aggravated by a global economic downturn.