World Bank: Iraqi economy will grow in 2019

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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.


A large Saudi delegation arrives in Baghdad tomorrow

Release date: 2019/4/2 16:48

(Baghdad: Al-Furat News) Dr. Majid al-Qasabi, Minister of Trade and Investment, headed the Saudi delegation, which arrives tomorrow to Baghdad to participate in the work of the second session of the Iraqi-Saudi Coordination Council.

The delegation includes Prince Badr bin Abdullah bin Farhan, Minister of Culture, Eng. Abdulrahman Al Fadhli, Minister of Environment, Water and Agriculture, Eng. Khalid Al Falih, Minister of Energy, Industry and Mineral Resources, Hamad Al Shaikh, Minister of Education, Turki Al Shabbana, Minister of Information, Thamer Al Sabhan, Minister of State for Arab Gulf Affairs, Ahmed Al Qahbani, Engineer Abdul Aziz Al-Abdul Karim, Deputy Minister of Energy, Industry and Mineral Resources, Rumih Al-Rumaih, Chairman of the Public Transport Authority, Abdulrahman Al Harbi, Governor of the General Foreign Trade Authority, in addition to representatives from the Ministry of Interior and the Ministry of Foreign Affairs. Ministry of Transport, Ministry of Information, Ministry of Commerce and Investment, Ministry of Education, Ministry of Environment, Water and Agriculture, Ministry of Islamic Affairs, General Authority for Investment, Saudi Arabian Monetary Agency, The Saudi Organization for Industrial Estates and Technology Zones, the Saudi Fund for Development, the State Security Presidency, the King Salman Relief Center and a high-level delegation from major companies Saudi Arabia wishing to invest in Iraq, in various sectors.

The delegation will meet on the sidelines of the meeting with President Barham Saleh, Prime Minister Adel Abdul Mahdi and Speaker of the House of Representatives Mohammed Halbusi.

It is worth mentioning that the first Iraqi-Saudi Coordination Council was held in October 2017.

The Iraqi-Saudi Coordination Council aims at enhancing the bilateral relations between the two countries in all fields to new horizons and coordinating bilateral efforts to serve the interests of the two countries and ensure the protection of common interests and development of strategic partnership. Exchange of technical and technical expertise between the two countries and the transfer of technology and cooperation in scientific research.