World Bank: Iraq’s Economic Growth Is Gradually Recovering


On 11/18/2021 – 4:22 PM  21

A World Bank Report Confirmed, Thursday, That Iraq’s Economic Growth Is Gradually Recovering Due To The Downturn In The Epidemic And The Increase In Non-Oil Activity.
The Report Stated That “The Downside Risks To The Growth Of The Iraqi Economy Are Related To Possible Epidemiological Developments, Fluctuations In Oil Prices, Setbacks In The Security Situation, And Impeding The Implementation Of Economic Reform.”
He Added, “Iraq Is One Of The World’s Most Dependent Countries On Oil. Over The Past Decade, Oil Revenues Accounted For More Than 99 Percent Of Exports, 85 Percent Of The Government Budget, And 42 Percent Of GDP, And This Excessive Dependence On Oil Exposes The Country To Fluctuations.” Macroeconomics, While Budget Resilience Correlates With Growth.”
He Continued, “The Corona Virus Epidemic Had A Significant Impact On Iraq’s Gross Domestic Product In 2020, Which Shrank By 15.7 Percent, And Its Budget Revenues Shrank By 9 Percent, Which Led To A Sharp Decline In Public Spending And Investments.”
And He Indicated That “As Of January Of 2021, The Unemployment Rate In Iraq Was Ten Percentage Points Higher Than The Pre-Pandemic Level, Which Stands At 12.7 Percent, And Unemployment Is Still High Among The Displaced, Returnees, Job Seekers, Self-Employed And Workers In The Informal Sector Before The Spread Of Epidemic. Food Security Concerns Persisted Despite The Recent Upward Trend In The Proportion Of Households Receiving Public And Private Transfers, Including Food Rations.”
The Report Indicated That “While Iraq’s Economic Conditions Are Gradually Improving With The Recovery Of Global Oil Markets, This Recovery Is Also Fraught With Major Risks Posed By Structural Bottlenecks, Including Public Investment Management Restrictions That Affected The Provision Of Public Services, And The Slow Payment Of Arrears, Especially Those Related To Wages Public, Significant Exposure To Government Property, Due To The Fragile Political Situation, Weak Healthcare System, And Endemic Corruption That Continues To Foment Unrest Across The Country.

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