The preemptive measures imposed by the government at the beginning of the crisis played a crucial role in safeguarding public health, however, the strict lockdown measures further heightened financial pressures that were already facing Jordanians prior to the crisis. Subsequently, the gradual reopening of economic activity did not bring about reassurance regarding the state of the economy, but rather, as people resumed work and tried to acclimate to the new “Normal”, the economic impact of the previous months was clearly felt. In fact, 3 in 5 Jordanians believe that the state of the economy is weak – a considerable drop when compared to last quarter. Uncertainty regarding the country’s economic future has led to a 5-point decrease in the Jordanian Consumer Sentiment Index (JCSI) for this quarter
As the pandemic continues to wreak havoc worldwide, bleak sentiments towards the future were mirrored across most of the countries included in the survey. Globally, confidence towards job security was amongst the most impacted indices, with Jordanians exhibiting similar sentiments. While the government imposed various measures that aim to maintain job security, the vast majority of Jordanians have witnessed firsthand the heat of diminishing job security. In fact, 7 in 10 mentioned that they themselves or someone they knew have lost their livelihood as a result of the economic crisis and 1 in 2 of those employed witnessing a reduction in pay.
Ipsos’ JCSI quarterly result is driven by the aggregation of four weighted sub-indices relating to current personal financial conditions, economic expectations, investment climate, and employment confidence, all of which contribute to JCSI being a key predictor of general consumption & investment trends in the Jordanian market.