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 | inflation
Iraq sees Fall in Inflation
By John Lee. The official spokesman for Iraq's Ministry of Planning, Abdul Zahra Al-Hindawi, has said that Iraq has experienced stability and a decrease in inflation rates over the past two years. In 2021, the inflation rate was 6 percent, decreasing to 5 percent in 2022, and further dropping to 4.4 percent in 2023. He […]
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 […]
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 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 […]
Tensions Simmer on Iraqi Streets as Food Prices Rise
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Tension simmers on Iraqi street as food prices rise Already faced with chronic issues such as persistently high unemployment and a lack of access to basic services, Iraqis are now hit by skyrocketing […]
IMF: Iraq Real GDP Growth of 10% in 2022
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 […]
Ukraine War: Iraq grapples with Rising Food Costs
By Ayser Jabbar 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 grapples with rising food costs as a result of Ukraine war Ripple effects from the Russian invasion of Ukraine are driving the Iraqi government to allot additional funds […]