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Jordan operates a rentier economy based largely on foreign aid. Consequently its economic fortunes are tied to events in the international community. Jordan is also dependant on remittances which have accounted for nearly 20% of GDP since 1975. Jordan's dependence has had detrimental consequences. Following Iraq's 1990 invasion of Kuwait hundreds of thousands of Palestinians were expelled from other Arab nations. For Jordan this resulted in the significant loss of remittance revenue. Jordan's private sector growth has been led by
Palestinians. By taking advantage of Qualifying Industrial Zones manufactured exports have increased, led largely through the growth of a textile industry. |
