IMF expects economic growth in Iraq, rising to 2.9% for 2016


International Monetary Fund forecast, Wednesday, rising economic growth in Iraq, to 2.9% during the current year 2016, indicating that the costs of the war led to high inflation and deteriorating financial centers.
The IMF said in a report that “it is expected the overall rate of growth in oil-exporting countries in the region, rising to 2.9% in 2016 and this increases to up to 3.1% in 2017 compared to 1.9% in the past year as a result of the economic activity is oil in Iraq Yemen, Iran and Libya. “
The report continued, “Despite the growth of Iraq, it will increase the deficit has as a result of a lack of oil revenues, which will reduce the government’s ability to spend,” indicating that “the deficit will reach to about 4.75% and will reach 7.75% by the end of this year.”
The report added that “the costs of the war in Iraq, Libya, Syria and Yemen are still high and have caused violence in the scarcity of food and other necessities and caused damage to infrastructure and institutions and increased inflation and weakened the savings and deteriorated financial centers of these countries.”
The drop in oil prices to low levels, which amounted to less than $ 40 significantly affected the general budget that Iraq because Iraq’s adoption of 95% in revenue on the export of crude oil.
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