Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced

within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of [2][3] living; GDP per capita is not a measure of personal income. The economy of Jordan is robust and growing. Its GDP per capita soared by 351% in the 1970s, and after only a [6] slight decline of 30% in the 1980s, grew once again by 36% in the 1990s. Jordan is classified as an emerging market. After King Abdullah II's accession to the throne in 1999, liberal economic policies were introduced that resulted in a boom lasting for a decade, continuing through 2009. It is now one of the freest and most competitive [citation needed] economies in the Middle East scoring higher than the United Arab Emirates and Lebanon. Jordan has a developed banking sector that attracts investors due to conservative bank policies that enabled the country to weather the global financial crisis of 2009. It is emerging as the "business capital of the Levant" and "the next Beirut". Jordan's economy has been growing at an annual rate of 7% for a decade. The main obstacles to Jordan's economy is scarce water supplies, complete reliance on oil imports for energy, and regional instability. Just over 10% of its land is arable, and even that is subject to the vagaries of a limited water supply. Rainfall is low and highly variable, and much of Jordan's available ground water is not renewable. Jordan's economic resource base centers on phosphates, potash, and their fertilizer derivatives; tourism; overseas remittances; and foreign aid. These are its principal sources of hard currency earnings. Lacking coal reserves, hydroelectric power, large tracts of forest or commercially viable oil deposits, Jordan relies on natural gas for 10% of its domestic energy needs. Jordan used to depend on Iraq for oil until the Iraq invasion in 2003 by the United States. ECONOMIC INDICATORS measure economic well-being and wealth- Money is the only measure of well-being recognized by conventional economies - the price of something is a measure of its value. When countries join the UN they have to subscribe to the System of National Accounts. These accounts are used to measure the GDP which ignores social and environmental costs of growth. Gross Domestic Product (GDP) is the primary indicator or measure of economic production within a country (growth and development). It is the total dollar value of all of the goods and services made and purchased within one year. Put another way, it is a tally of all of the money spent by individuals and households (2/3), government and businesses. The global GDP in the mid 90s is $26 trillion. As a benchmark, a 2% growth in GDP is considered slow growth while a 4% annual growth is considered great. The GDP measures income, savings, credit purchases, commodity production and accumulation of capital. GDP does NOT measure: 1. health 2. infant mortality 3. morbidity 4. suicide rates 5. crime 6. poverty 8. infrastructure such as highways and bridges 9. family breakdown 10. loss of leisure time 11. cost of commuting to work 12. lack of civility in communities 13. lack of concern for future generations

7. environmental health/decay and destruction of the natural environment 14. income gap (women/men; poor/wealthy) Criticism - as the GDP increases, well-being does not necessarily increase along with it. We cannot assume that things are getting better (improved life conditions) just because more money is spent! SOCIAL INDICATORS - measure social well-being and wealth - Raising families, caring for elders, voluntary community work and much of art and culture contribute to well-being but often are done without being paid - people need to feel that their efforts are appreciated.

SOCIAL HEALTH CANNOT BE MEASURED USING ECONOMIC INDICATORS Governments resist this because many social indicators are OUTSIDE the direct realm of government influence so they cannot be controlled or measured (counted). Alternatives to the GDP Ways to enlarge the accounting lens. Efforts to capture the social aspects: A. Fordham Index of Social Health (FISH) Measures 16 socio-economic indicators: 1. infant mortality 2. child abuse 3. child poverty 4. teen suicide 5. drug abuse 6. high school drop-outs 7. average weekly earnings 8. unemployment 9. health insurance coverage 10. poverty among elderly 11. health insurance for elderly 12. highway deaths due to alcohol 13. homicides 14. food stamp distribution 15. housing 16. income inequality

Since 1973, the FISH index has declined as the GDP increased in the US. In Canada, the FISH index has stayed constant since 1985 as the GDP increased. B. Genuine Progress Indicator (GPI) - 1994 Attempts to shift prevailing definition of progress from economic growth to people's sense of quality of their lives. The GPI assigns value to the life-sustaining functions of households, communities and the natural environment so that the destruction of these, and their replacement with commoditisized substitutes, no longer appears as growth and gain. GPI accounts for: 1. Unpaid work (housework, parenting and care giving) 2. crime 3. family breakdown 4. household work 5. volunteer work 6. income distribution 7. resource depletion 8. pollution 10. changes in leisure time

11. long term environmental damage (wetlands, ozone, farmland, 12. life span of consumer durables and public infrastructure 13. dependence on foreign assets 14. services (highways, streets 15. cost of auto accidents 16. cost of under-employment 17. loss of leisure time (to devote to community, self, hobbies, relaxation, spend with family) 18. cost of noise pollution and household pollution (sick house syndrome)

9. defense expenditures

Quality of life has deteriorated at an accelerating rate since 1970 - the GPI went down as the GDP went up in the US. In Canada, as the GDP went up, the GPI has not risen but has stayed constant. The GPI does not yet measure human capital, social infrastructure/cohesion, genetic gene pool diversity, workplace environment, underground economy, or life-style induced disease. C. United Nations Human Development Index (UNHDI) The HDI is based on the assumption that economic growth/development does not necessarily equate to human development or increased well-being. This index measures the impact of growth (or lack thereof) on people rather than on the economy. It was developed by the UN Development Program. The rating can range from 1.000 (highest rating) to 0.000 (lowest rating). A high rating is above 0.890. Canada has rated first for the last four years (0.960) followed closely by US (0.942) which is ranked fourth, slightly behind Norway and France and tied with Iceland (1997). The HDI measures health, education and income: 1. life expectancy 3. years of schooling 2. access to education and adult literacy 4. equitable distribution of income

5. GDP per person (gauges command over resources) is adjusted to reflect Purchasing Power Parity (PPP) 6. achievements in health 7. gender equity Efforts to capture the environmental sustainability aspects

D. Gross Sustainable Development Product (GSDP) - measures the cost of growth and development developed by the Global Community Assessment Centre and the Society for World Sustainable Development. It is defined as the total value of production within a region over time and is measured using market prices for goods and services transactions in the economy. It is designed to replace the GDP. The GSDP measures: 1. economic impacts of environmental and health degradation or improvement 2. resource depletion, depreciation or appreciation or finding new resources (stocks) 3. impact of people activity on environment 4. impact of people activity on availability of resources 5. impact of people activity on economic development 6. the quality of environment, people, resources and development and impact of changes in these on the national income and wealth 7. impact of global concerns on the economy 8. welfare, quality of life and economic development of future generations 9. expenditures on pollution, health, floods, car accidents 10. the resource stocks and productive capabilities of exploited people and ecosystems

11. the impact of economic growth on biological diversity 12. impacts of social costs, health costs, on future generations and the nation's income E. Gross Environmental Sustainable Development Index (GESDI) - measures the quality of growth and development Over 200 indicators of non-market values (values other than money) are measure organized by four areas: 1. people - 111 (includes dimensions of social, economic, psychological, physical and spiritual indicators as well as literacy, rights, justice, diversity, community, peace and conflict, legal and political, etc) 2. available resources - 11 4. economic development - 70 The sustainability of a variable (the impact or the stress created) is comprised of 1. the Urgency or need to find a solution to the stress in a reasonable period, 2. the Geographical context of the impact or stress, 3. the Persistence or period of time that the impact will be felt at a significant level, and 4. the Complexity (number of interactions) of impact between the four above quality systems. Standard of living is a standard of consumption, NOT income or wages (Anderson, 1997). It can be defined as "a grade or level of subsistence and comfort in everyday life enjoyed by a community, class or individual" (Random House Dictionary, 1966) It is now being argued that a basic cost of living is one's birthright! This could be achieved through a guaranteed annual income thereby making sustenance a right. Green Economy Jordan is currently undergoing a process of deep political and economic change. For all people with positive thinking there is a hope that this transformation with result in a sustainable and effective system of economic and political governance. One of the major opportunities that are around the corner is the potential that Jordan may be able to make a paradigm shift towards green economy. UNEP defines a green economy as one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities (UNEP 2011 ). A green economy aims to be lowcarbon, resource efficient and socially inclusive. Growth in income and job generation is driven by both the private and public sectors. This growth, however, is within a framework of reducing pollution, improving energy efficiency and preserving biodiversity through preventing damage to existing ecosystems. Such investments are supported through targeted public expenditures, underpinned, where needed, by policy reform and regulatory changes. Natural capital is considered a keystone in development, a critical asset to be used for public benefit. This is seen most strongly in poor, less developed and more rural areas, where livelihoods and security of family are largely dependent on nature. The Green Economy is one of the major pillars of the United Nations Conference on Sustainable Development (Rio + 20) which will be held in Brazil 20-22 June 2012. It has been also one of the most effective tools used by many global governments to inject stimulus financial support for their own economies after the 2008 global economic crises. It is a concept that is taking shape, content and influencing global policy agenda. 3. environment - 41

The study provides challenges and opportunities in several sectors including energy, transport, water, waste, organic and regenerative farming and tourism. Following are glimpses of opportunities perceived In the energy sector investment in energy efficiency in industry, which is estimated around 195 million JD annually for the coming 10 years, can save the nation one-fifth of its energy usage over the next 12 years. Methods to promote energy conservation include, for example, taxing excessive energy use, improved insulation and energy efficiency of homes, and incentivising the use of lower voltage bulbs and devices. Moreover, the national energy strategy is set to generate approximately 3,000 new jobs for the installation, maintenance and running if renewable energy facilities by 2020. In the transport sector promoting cleaner fuel vehicles use can help save JD 60 per vehicle annually, and even more as gasoline prices rise further, which translates to JD 44 million per year saved across the nation. To support green transport in Jordan, the government could consider revising current customs policies on clean fuel vehicles, and streamlining public transportation with interchangeable tariffs and routes that best serve employment areas. In the water sector the study provides some recommendations for the enhancement of economic productivity in water management including water demand management, estimation of value added per cubic meter of water in each economic sector and rehabilitation of wetlands. In the waste sector recycling benefits are varied but energy savings have been shown to range from 24 to 95 per cent, and air pollution savings from 20 to 95 per cent. In the agriculture sector the study states that organic farming has the potential to significantly improve agricultural production and diminish associated costs in a number of ways. Among them is the fact that organic farming utilizes less water than conventional farming and replenishes the soil with vital nutrients, as opposed to simply depleting the soil and aggravating the aridity phenomena. Also, organic farming relies on water saving techniques that can increase the size of the irrigated land by a ratio of 6 in Jordan. In addition, if 5 per cent of the total agricultural land is used as organic farmland, then this will lead to approximately JD 111 million in investments, 40.6 dunums in total land used and the creation of 1,700 jobs. Because green agriculture has more value added and requires higher skilled workers than traditional agriculture, where 21.6 per cent of all workers are non-Jordanian, new jobs would most likely be filled by Jordanian workers, as they pay more. In the tourism sector the study estimates that if 5 per cent of all tourists used sustainable infrastructure, then approximately 3,900 jobs could be created annually based on past expenditure and employment ratios.