Expectations of the impact of the Iraqi economy due to the decline in global demand for oil

Expectations of the impact of the Iraqi economy due to the decline in global demand for oil



A side of the session
 
03/28/2018

Economy News Baghdad

The Ministry of Planning expected on Wednesday the impact of the Iraqi economy on the decline in global demand for oil in the coming years, calling for the search for alternatives to develop the local economy.

"The seminar is organized by the ministry, which deals with an important study to determine the main tracks of the growth of the Iraqi economy until 2040," ministry spokesman Abdul Zahra al-Hindawi said on the sidelines of a seminar organized by the ministry titled "The Iraqi Economy: Towards 2040" .

He pointed out that the study prepared by the expert was based on a methodology that emphasizes the need to be diversified in the resources of the economy and based on industrialization, pointing out that global studies confirm the decline in global demand for oil and thus will be affected by the Iraqi economy this decline, pointing out that "the study focuses on alternatives Which comes at the forefront of industry and agriculture and other development sectors. "

Hindawi said that "the study came in comparison with other countries similar to the circumstances of the Iraqi economy, and try to take advantage of these experiences as the experiences of Southeast Asian countries."

He added that it "confirms the growth of the Iraqi economy in the coming years by between 6 and 7%, which are identical with the vision of the Ministry of Planning under the five-year plan for the years 2018-2022."

"The study effort comes in the light of the perception of the economic future, which focuses on the Iraqi economy and determine its main course and address the structure of economic activities and how to develop them until 2040," said economist Ahmed Al-Abrihi.

He stressed the need to "coordinate the investment effort, if Iraq is to grow in a way that will reduce its dependence on oil and address in the long run the insufficiency of non-oil revenues."

He pointed out that "coordination of the investment effort leads to the operation of all manpower," noting that "the study aims to turn the possible into reality."

The economic expert, however, that the economic development until 2040 will see the participation of the private sector in all its configurations, but "more strategic studies are needed."

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