The World Bank announces in numbers the recovery of the Iraqi economy

Economie| 08:55 – 14/04/2022


Baghdad – Mawazine News
, today, Thursday, the World Bank announced, in numbers, the recovery of the Iraqi economy, while it expected that the overall growth for the current year would rise to 8.9%.
And the World Bank said in a report, that “Iraq’s economy has begun to gradually recover from the double shocks of the epidemic and the collapse of oil prices,” noting that “oil and non-oil growth are on the right track to reach pre-epidemic levels with increased oil production and easing of Corona restrictions.”
He added, “Financial and external deficits returned to surpluses with the continued rise in oil prices,” expecting “the medium-term growth to be driven by the oil sector, with the gradual cancellation of OPEC + production cuts.”
“The outlook remains subject to significant risks, including uncertainties related to the impact of geopolitical tensions, the ongoing pandemic, security challenges and climate change,” the bank added.
And the World Bank confirmed in its report that “it is estimated that the real Iraqi GDP rose by 1.3 percent in 2021, after a sharp contraction of 11.3% in 2020, noting that “the recovery was mainly driven by the non-oil sector, which grew By 6% in 9 months of 2021 year-on-year, supported by the strong performance of the highly telecom sectors including the transportation, accommodation and retail sectors.
Regarding the Iraqi agricultural sector, the bank stated that “this sector shrank by 17.5% and 36.8%, respectively, in the wake of severe drought, power outages and the rise in global prices of inputs during 9 months of a year,” explaining that “the oil GDP shrank by 4% ( on an annual basis) as Iraq adjusted its oil production in accordance with the OPEC + agreement, and the general and core inflation rate rose to an average of 6% and 6.6% (on an annual basis) in 2021, respectively, after a 23% currency devaluation in December of 2020. and a gradual recovery in domestic demand.
And he indicated that “the shift in the oil markets led to a significant improvement in the economic outlook for Iraq in the medium term,” expecting that “the total growth in the current year will reach 8.9% with the end of the OPEC + quotas and Iraq’s production exceeding the pre-epidemic level of 4.6 million barrels per day.” .
The World Bank indicated that “growth in the coming years will continue at an average of 3.7% with moderation in oil production.” Ended 29 / h


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