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)
By John Lee. GDP growth is forecast to hit 8.8 percent this year, according to the World Bank's latest Global Economic Prospects report. This represents a small reduction on the previous forecast of 8.9 percent, issued in April. Growth projections for the following two years remain unchanged, at 4.5 percent in 2023 and 3.0 percent in 2024. […]
By John Lee. Iraqi Finance Minister, Dr. Ali Allawi, has presented his vision for the Iraqi economy. In the 27-page document, he says that the changing world order following the war in Ukraine is expected to lead to a period of sustained high oil prices, providing Iraq with an opportunity to address its structural imbalances, […]
The economy is recovering well amid high oil prices, with real GDP projected to reach its pre-pandemic level this year. Cushioning the impact of surging food prices on the most vulnerable is the most urgent priority. Using the current favorable oil market conditions to accelerate structural reforms and advance socio-economic priorities will be key to […]
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 9.5 percent this year, giving it the fastest real GDP growth of all the Middle East and Central Asia countries. The 2023 expectation of 5.7 percent is just one percentage point behind […]
Iraq's economy is gradually recovering from the twin shocks of the pandemic and collapse in oil prices in 2020. Both oil and non-oil growth are on track to reach their pre-pandemic levels as oil production increases and the easing of COVID-19 restrictions restores domestic economic activity. Fiscal and external deficits are back to surpluses as […]
The economy is recovering from last year's sharp contraction, helped by higher oil prices and easing of the containment measures. Non-oil real GDP is expected to rebound by 12 percent in 2021 while the fiscal and current account balances are expected to improve significantly. Higher oil revenues present the opportunity to tackle Iraq's significant vulnerabilities, […]
From the World Bank: Iraq: Rising Fiscal Risks, Water Scarcity, and Climate Change Threaten Gradual Recovery from Pandemic Iraq's economic outlook has improved on the back of the recovery of global oil markets, with its GDP projected to grow from 2.6% in 2021 to over 6% in 2022-23. Nevertheless, without accelerated economic reform, unforeseen domestic […]
From the World Bank: Economic growth is gradually recovering following last year's pandemic-related contraction, partly due to higher non-oil activity. Improved global oil market conditions are expected to reinforce growth in the medium term and turn the fiscal and external balances to surpluses from 2021, and to reverse the recent surge in debt. Latest Developments: […]
IOM assessments highlight evolving economic needs under unprecedented impacts of COVID-19 in Iraq Necessary measures to contain the spread of COVID-19 combined with volatile oil prices and a decrease in the value of the Iraqi dinar brought an end to two years of sustained economic growth in Iraq, heavily impacting individuals and communities affected by […]
By Bledi Celiku and Wael Mansour, for the Brookings Institution. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The resource curse refers to the failure of resource-rich countries to reap benefits from their natural wealth. Resource-cursed countries tend to be more prone to conflict, […]
Breaking Out of Fragility: A Country Economic Memorandum for Diversification and Growth in Iraq Iraq is at a crossroads. Almost two decades after the 2003 war, the country remains caught in a fragility trap, facing increasing political instability, growing social unrest, and a deepening state-citizen divide. Amid a multitude of crises (including an oil price […]
