Expectations Of A Recovery In Non-Oil GDP In Iraq

Author: AhadNA3  On 12/4/2021 - 1:13 PM

A Report By The International Monetary Fund Confirmed That The Iraqi Economy Is Recovering From The Sharp Contraction It Witnessed Last Year Against The Background Of High Oil Prices And With The Easing Of Restrictions Related To The Corona Virus And The Increase In Vaccination Rates.

And The British Newspaper, The National, Quoted The International Monetary Fund As Saying That “The Country’s Real Non-Oil GDP Is Expected To Recover By 12 Percent This Year, While Financial And Current Account Balances Are Expected To Improve Significantly, After Its Officials Held An Online Meeting With The Authorities.” Iraq On Recent Economic Developments And Upcoming Policy Priorities For The Country.”

He Added, "Inflation In Iraq Reached 7.2 Percent Last September And Is Expected To Recede In The Coming Months, And It Is Expected That Public Finance Balances And External Current Accounts Will Improve Significantly In 2021 From A Double-Digit Deficit In 2020, Mainly Due To Higher Prices. Oil.”

He Added, "Iraq Invests $3 Billion Annually To Shift From Liquids To Gas Power Generation, While High Oil Revenues Represent An Important Opportunity To Address Iraq's Major Fundamental Weaknesses, And Enhance Resilience In The Face Of The Future Climate And Other Challenges."

It Is Reported That "Iraq, The Second Largest Oil Producer In The Organization Of The Petroleum Exporting Countries (OPEC), Depends On Oil Revenues To Cover 90 Percent Of Government Spending, Including $5 Billion As A Public Sector Wage Bill Every Month"

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