By John Lee.
Real GDP in Iraq is expected to fall by 8.9 percent this year, according to the World Bank's latest Global Economic Prospects report.
This represents a significant reduction on the previous forecast of 4.4 percent growth, issued one year ago.
The report says:
"The sharp slowdowns projected for Iraq, Kuwait, and Qatar will be associated with worsening fiscal and current account balances stemming from declines in hydrocarbon revenues and, in some cases, increases in military spending."
Growth projections for 2027 have been revised upwards from 3.1 percent to 12.2 percent, with 3.5 percent expected in 2028.
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(Source: World Bank)
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