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 […]
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 […]
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 […]
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: 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 […]
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 […]
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 […]
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 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 […]
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 […]
By John Lee. The Iraqi Cabinet has suspended of the requirement for import licenses for foodstuffs, consumables, and medicines until June 8, 2022. The move is intended to ease supply and reduce the upward pressure on prices. In a statement, the cabinet assured that it would maintain inspection and quality control procedures, health checks, and […]
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, […]
