World Bank: Iraq’s economy will grow by 4.3 during 2016

It assured the World Bank, on Monday, that the economic growth of the countries that are experiencing battles, such as Iraq, Syria, Yemen, Libya rates “will not improve soon,” While the likely economic situation in Iraq remains “fragile” with the continuing violence and the fighting and the decline in oil prices compared to the high military needs costs and humanity, between the GDP of Iraq will grow by 4.3 percent this year, with the possibility of rising to 5.6 percent next year.According to the World Bank in a report, he followed (range Press), “The economic growth of developing countries fell from 4.9 in 2014 to 4.3 percent in 2015 the past, as a result of weak export capacity and its recession happening in Brazil and Russia, with the exposure of Petroleum Exporting Countries to economic crises because of drop its price, “expected to” recover the growth of the international economy a little during the current year 2016 and to rise by 2.9 percent to rise more over the next two years from 2017 to 2018 to reach 3.1 percent. ”

The bank said that “economic growth rates in countries where battles, such as Iraq, Syria, Yemen and Libya, will not improve soon unless it solves the stability and peace in which, as well as the impact of falling oil prices on their economies and caused a deficit which,” noting that “Iraq faces rates high fiscal deficit stood at 14.5 percent last year 2015, resulting from the drop in oil prices and the cost of war being waged against al Daash. ”

He suggested the World Bank, to “keep the economic situation in Iraq is fragile, with continuing violence and fighting and falling oil prices compared with a rise of military and humanitarian needs of the costs and the increased incidence of internal displacement and displacement,” asserting that “the gross domestic product (GDP) of Iraq’s growth rate during the current 2016 will be 4.3 percent with the possibility of rising to 5.6 percent during the next year in 2017 “.

He estimated the bank, “the damage to the water sector, transport, public buildings and municipal services and housing in four cities liberated from al Daash in Iraq, up to 362 to 443 million dollars,” following up “The United Nations estimates that there more than eight million and 200 thousand Iraqis in need of humanitarian aid , estimated to cost up to $ 704 million, and that there are nearly three million Iraqi children out of school because of violence and war, and that more than 14 thousand teacher forced to flee the fighting conditions in the country. ”

The United Nations has estimated there are more than three million and 400 thousand displaced people in Iraq, as well as several hundred others have been forced to migrate abroad as a result of violence and the deterioration of economic conditions.

Indeed, Iraq has a large financial deficit as a result of the repercussions of the war against Afarhab and the decline in world oil prices, which forced him to use the IMF to get soft loans amounting to nearly $ 14 billion.

The World Bank predicted in the January 18, 2016 that the Iraqi economy, the growth rate be during the current 2016, about 3.1% after reaching 0.5 in 2015, and attributed this to the recovery of oil sectors and non-oil and the presumption of diminished effects of appearance (Daash).

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