By John Lee. An International Monetary Fund (IMF) mission met with the Iraqi authorities in Amman during February 20-29 to conduct the 2024 Article IV consultation. Some key data from their report: Economic Growth: Non-oil GDP growth: 6% in 2023. Overall growth projected to rebound in 2024. Inflation: Declined from 7.5% in January 2023 to […]
Tag Archives | gdp
IMF: Iraq Economic Activity is Recovering
By John Lee. A team of the International Monetary Fund (IMF) has concluded a visit with Iraqi officials, concluding: Economic activity is recovering, although oil production cuts are weighing on overall growth, and at the same time inflation has declined. The large fiscal expansion in the three-year budget law poses significant risks to fiscal and […]
World Bank Revises Down Iraq GDP Growth
By John Lee. The World Bank has revised down its estimates for growth in Iraq. In its MENA Economic Update (previously known as MENA Economic Monitor), it says the forecast for GDP growth in Iraq for 2023 has been updated to -2.3 percent, 5.1 percentage points less than the forecast in April 2023, and significantly […]
World Bank Corrects Iraq Debt-to-GDP Ratio in Report
From the World Bank: Statement on the Iraq Economic Monitor Spring/Summer 2023 The World Bank identified an error in the reporting of debt data for 2022 and projections for ensuing years reported in the recently published Iraq Economic Monitor (IEM) Spring/Summer 2023 issue. As a result, the debt-to-GDP ratio in 2022 was corrected from 53.8 […]
Without Reforms, Iraq's Oil Boom Could Turn to Bust -- World Bank
From the World Bank: Without Reforms, Iraq's Oil Boom Could Turn to Bust Iraq's economy continued its oil-driven recovery after the sharp pandemic-induced recession in 2020, but non-oil sectors have stagnated, and growth constraints have reemerged. Despite a record oil windfall and a long-awaited new budget, Iraq nevertheless remains at risk of missing the opportunity […]
IMF Forecasts Growth in Iraq's Real Non-Oil GDP of 3.7%
By John Lee. The International Monetary Fund (IMF) has forecast growth in Iraq's real non-oil GDP 3.7 percent in 2023. Following a recent visit to Iraq, the IMF team also predicts inflation of 5.6 percent in for the year. Full statement from IMF: A staff team of the International Monetary Fund (IMF) led by Tokhir […]
Iraq's Growth highest of 'Developing Oil Exporters' - World Bank
By John Lee. The World Bank has said it predicts real GDP growth for Iraq of 2.8 percent this year and 4.4 percent in 2024, following an estimated growth of 7.9 percent in 2022. Iraq's growth is expected to lead the group of 'developing oil exporters' this year, partly sustained by growth in non-oil GDP […]
Iraq's Tech Ecosystem "offers Bright Spot"
By Hassan Jivraj for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq's tech ecosystem offers bright spot for private sector Despite numerous regional and country-specific challenges, Iraqi start-ups had a good year. Click here to read the full article.
IMF says 8 Percent Real GDP Growth in Iraq
Iraq: Staff Concluding Statement of the 2022 Article IV Consultation Mission: A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or 'mission'), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles […]
Iraq: A New Opportunity to Reform
From the World Bank: Iraq Economic Monitor, Fall 2022: A New Opportunity to Reform The World Bank's new Iraq Economic Monitor, A New Opportunity to Reform finds that high oil prices have boded well for Iraq's economy pushing fiscal and external balance into double digit surpluses. After growing by 2.8 percent in 2021, GDP growth […]
Iraq to have Fastest Growing Economy in Middle East, Central Asia
By John Lee. According to the recently-published World Economic Outlook from the International Monetary Fund (IMF), Iraq's economy is forecast to grow by 9.3 percent this year, giving it the fastest real GDP growth of all the Middle East and Central Asia countries. The forecast is slightly down from the 9.5 percent projected in the […]
Arab Monetary Fund forecasts Growth Rate for Iraq
By John Lee. A new report from the Arab Monetary Fund (AMF) forecasts a growth rate for Iraq of 5.5 percent this year, falling to 4.4 percent in 2023. The Seventeenth Edition of the 'Arab Economic Outlook Report' can be downloaded here (Arabic only). (Source: Arab Monetary Fund)