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Economy News _ Baghdad
The British "Economist Intelligence" magazine expected that five countries, including Iraq, will not recover economically during 2022.
The magazine said in a report on its expectations for the economic and financial conditions in the Middle East for the next year, that "the Middle East will remain a very complex place for international business interests, but it will remain a strongly attractive place for these interests to be active and invest in it."
The report took into account the inequality between the countries of the region in the fight against the Corona virus and its repercussions on the investment climate in the region. While the oil-rich countries in the Gulf Cooperation Council recorded high rates of vaccination for their citizens (by up to 70 percent), most of the countries in the region are still It suffers from the lack of sufficient vaccines on the one hand, and the slowness in its administration on the other hand.
The report added that "the crisis witnessed by the raw materials markets, specifically the energy markets, as a result of the Corona pandemic, was fortunately shorter than the time taken by the global financial crisis in 2008-2009 and the crisis of low oil prices in 2014-2015."
And she expected that "there will be an increase in the momentum of economic recovery next year, which will enable a good number of countries in the region to compensate for the losses they incurred due to the pandemic, with the exception of crisis countries such as Iraq, Lebanon, Syria, Palestine and Yemen.
According to the report, the recovery of oil and gas prices will play a key role in stimulating recovery, with expectations that the average of these prices will reach about $70 a barrel, which will ease budget pressures for oil-producing and exporting countries and help stimulate investments, in addition to easing closures and travel restrictions, which It will revive non-energy businesses, such as travel and tourism, which may be the main beneficiaries of this development, but the great threat to this recovery comes from the potential developments of the Corona virus and the possibility of the emergence of new strains of it.
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