Over the past few years, the global business operating environment has increasingly become challenging. First it was the global financial crisis followed almost immediately by the Europe crisis-which is currently threatening to become a global economic crisis-that presented these challenges. It was argued that economies, such as Jordan which are relatively smaller players in the Global arena would not suffer the adverse effect of the crisis. In fact Jordan and Lebanon were the main Middle East countries expected not to suffer from the adverse effect of the crisis. On the contrary, they were expected to benefit based on the fact they are consuming economies. Large trade deficit that would enable them enjoy cheaper imports as prices of goods fell around the world, the fact they were oil importers, and manageable external debt that does not put them at risk when international bank decide to redeem their credits, were some of the factors considered to efficiently position them. Due to these factors, the International Finance Corporation (IFC) estimated that their economies would continue to grow by 5-6% during the crisis. Unfortunately, this did not fully happen to Jordan. After experiencing commendable 7.8% economic growth in 2008, in 2009 the effect of the crisis took its tall and the growth reduced to 2.3% (Mansur 2011).
Encouragingly Jordan’s banking sector managed to weather the crisis better than other sector of the economy, and other banking sector in different countries. This was mainly supported by rather conservative policies and tight regulations. For instance banks in this country are pure universal. This implies there is no pure investment bank that relies entirely on investment income, a factor that majo...
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Tallo, 2007. Business Organisation & Management (For B.Com Couese Of Delhi University). New Delhi :Tata Mc Graw Hill Education.
Xinhua, 2011. Jordan’s economy will be hard hit by Arab League sanction vs, Syria.
times.net, [online] 15 December. Available at: < http://www.manilatimes.net/index.php/opinion/13229-jordans-economy-will-be-hard-hit-by-arab-league-sanctions-vs-syria> [Accessed 11 January 2012].
Zawya, 2011. Jordan Kuwait Bank Establishes Strategic Partnership with Microsoft Jordan to
Support Roadmap for future Growth. Zawya, [online] 10 Jan. Available at: < http://www.zawya.com/story.cfm/sidZAWYA20110110090912/Jordan%20Kuwait%20Bank%20Establishes%20Strategic%20Partnership%20with%20Microsoft%20Jordan%20to%20Support%20Roadmap%20for%20Future%20Growth>[Accessed 11 January 2012].
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