Credit Contraction Bodes Ill For Growth

The contraction of credit facilities by Jordanian banks over the past several months is just one indicator of the depth of the current economic slowdown. Although total credit had grown by 11.6% y-o-y in February, it had in fact dropped by 3.4% since peaking in November 2008. Indeed, total credit in February was only slightly above June 2008 levels.

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