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Economy News Baghdad
The World Bank predicted that the Iraqi economy will witness a remarkable recovery in the coming period, likely to rise economic growth after the formation of the government of Prime Minister Adel Abdul Mahdi.
In its annual report, the World Bank forecast 2.8 percent growth this year, especially after the formation of the new government, compared with 0.6 percent in 2018, and that the agreement on Iraq’s reconstruction would give the country’s economy a boost.
In the Middle East and North Africa, GDP per capita will increase 1.8 per cent and 1.3 per cent in 2020 and 2021, respectively.
The World Bank predicted real GDP in the region would grow by 3.4 and 2.7 per cent in 2020 and 2021, respectively. The Bank attributed this to the continued implementation by the countries of the region of structural reforms aimed at diversifying the economy and enhancing the business environment.
Oil-importing countries are expected to see economic growth rise to 4.7 per cent of real GDP by the end of 2021. Djibouti is leading these countries at a growth rate of 8 per cent in 2021, Government investments in infrastructure.