THE IMPACT OF INTERNATIONAL TRADE ON THE SUSTAINABLE DEVELOPMENT OF THE KINGDOM OF JORDAN
Abstract
Over the past few decades, sustainable development has become a leading theme in many reform programs and strategic management plans in the Hashemite Kingdom of Jordan. The overall picture does not always look optimistic, it is worth mentioning only some of the persistent problems, including poverty, climate change and the consequences of wars. One, although not the only, way to overcome economic, social and environmental problems, in our opinion, is to intensify the processes of trade in goods and services between Jordan and other countries. The purpose of the study is to determine the impact of international trade on the sustainable development of the Kingdom of Jordan and develop recommendations for the effective use of its advantages. The main emphasis of the article was placed on the connection between the foreign economic activity of the Kingdom of Jordan and the process of its sustainable development. The current study allows us to understand the importance of increasing the volume of manufactured goods and services provided for solving social and economic problems of the society of developing countries. Research methodology. The article employs an analysis of the trade balance, export and import volumes, as well as key economic indicators of Jordan over the past decades. A SWOT analysis of the country’s foreign economic activity was conducted and its connection with the socio-economic and environmental components of sustainable development was assessed. Results. The study found that international trade has a high long-term effect on the sustainable development of Jordan, but its short-term impact is insignificant. The main obstacles remain the trade deficit and low export competitiveness. It has been found that social indicators, such as literacy rates and access to drinking water, are improved by attracting international trade and implementing environmental initiatives, such as the Red Sea – Dead Sea project. Practical significance. The recommendations obtained during the study can be used by the Jordanian government to stimulate socio-economic development through the optimization of foreign economic activity and support for environmental initiatives.
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