On August 1, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the 2017 Article IV consultation with Iraq. Iraq is facing a double shock arising from the conflict with ISIS and the plunge in oil prices. In 2016, real GDP increased by 11 percent owing to a 25 percent increase in oil production, which was […]
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Sharp Recovery in Non-Oil GDP Predicted
By John Lee. The International Monetary Fund (IMF) has predicted average growth of 3.1 percent annually in Iraq’s non-oil real GDP until the end of 2022. This compares to an average fall of 7.2 percent per annum from 2014 to 2016, following the insurgency by the Islamic State group (IS, ISIS, ISIL, Daesh). It also […]
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IMF Revises Down GDP Forecast
By John Lee. The International Monetary Fund (IMF) has revised down its forecast GDP growth for Iraq from 0.5 per cent to a contraction of 3.1 per cent this year, due to the oil production cuts agreed within OPEC. Forecasts for 2018 and 2019 are 2.6 percent and 1.6 percent growth respectively. Consumer price inflation […]
Statement at the End of an IMF Mission on Iraq
Statement at the End of an IMF Mission on Iraq: In 2016, real GDP growth was sustained at 11% supported by a large increase in oil output that benefitted from past oil investments In 2017, economic activity is expected to remain muted due to a 1.5% contraction in oil production and only a tepid recovery […]
Improving Agriculture, Employment and Peace
By Dr. Layth Mahdi. Prior to the 2003 Iraq had adopted an agricultural policy based on the financial, administrative, technical and technological support from the government for the development of the agricultural and industrial sectors. This policy led to the domestic production to provide 75% of the food requirement and a GDP contribution of 7.5%. […]
How can a Tech Sector Contribute to Iraq’s Economy?
By Hal Miran, Editor-in-Chief, Bite.Tech. Tech has grown in prominence as a key sector in global economic health. It is now commonly accepted that an economy in which entrepreneurs have the freedom and resources to create and innovate tend to perform much more robustly. Intriguingly, one study on the effect of tech on a country’s […]
Tags: bite.tech, Egypt, Employment, Entrepreneurship, featured, gdp, Jordan, Kenya, Lebanon, MSMEs, Saudi Arabia, SMEs, United Kingdom, United States
Iraq Oil Economy Grows, Non-Oil Shrinks
By Editor on July 16, 2016 in Iraq Banking & Finance News, Iraq Industry & Trade News, Iraq Oil & Gas News
By John Lee. The Iraq Mission Chief for the International Monetary Fund (IMF) has said Iraq’s oil sector grew by 13 percent in 2015 and by more than 20 percent during the first five months of 2016. This contrasts with the fortunes of the non-oil economy, which contracted by 19 percent in 2015 and is […]
IMF Expects 10.6% Growth in 2016
By John Lee. According to a report from the International Monetary Fund (IMF), the external outlook for Iraq has worsened since the latest Article IV consultation assessment (May-June), mainly owing to a further weakening of global oil prices. The analysis finds: “Lower capital spending on the back of falling oil revenue is expected to contract […]
World Bank Expects Stronger Iraqi Growth
The World Bank expects the Iraqi economy to grow 3.1 percent in 2016, according its flagship “Global Economic Prospects“ report released yesterday. This follows an estimated growth of 0.5 percent last year, driven by increased oil production. Growth rates of 7.1 percent and 6.5 percent are predicted for 2017 and 2018 respectively. These figures are […]
Tags: Development Fund for Iraq, featured, gdp, Global Economic Prospects report, Growth, Iraq Budget News, World Bank
GDP Forecasters See 2015 Rebound
By Mark A. DeWeaver. Last month Barcelona-based economics consultancy FocusEconomics launched an interesting new product—a survey of professional forecasters for the Middle East and North Africa (MENA) region. The section on the Iraqi economy is particularly useful given the lack of attention this subject normally receives. It includes consensus projections for 25 macro variables going […]
Iraq Economy to Shrink by Less than Expected
The International Monetary Fund (IMF) has issued its findings following a recent visit to Iraq. End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the […]
Iraq On Verge Of Economic Collapse?
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. A Bigger Threat Than The Extremists: Iraq On Verge Of Economic Collapse? The high cost of fighting the extremist Islamic State group, the worldwide decrease in oil prices, corruption and […]