The World Bank is expected to increase the growth rate in Iraq to 3.1% in 2016 1/7
The World Bank is expected to increase the growth rate in Iraq to 3.1% in 2016
1/7/2016 0 Comments
The World Bank predicted, Iraq to see a higher rate of growth to 3.1% during the current year 2016 as a result of the recovery of oil and non-oil sectors.
As the World Bank predicted high growth rate in the Middle East and North Africa to 5.1% in 2016 compared to 2.5 % 2015.
He attributed the Global Economic Prospects report, published Bank, this increase is to leverage the expected economic sanctions imposed on Iran, which would allow it to play a greater role in global energy markets.
Although the World Bank predicted in his report that the oil-exporting countries are also experiencing an economic recovery, based on the assumption of a stabilization in oil prices, but it warned that the region is at high risk due to the possibility of escalation of conflicts and the continuing decline in oil prices and the failure to improve living conditions which could trigger social unrest.
The Bank report that, ongoing conflicts damaged economic activity in Iraq, Libya, Syria and Yemen as a result of the loss of life and the departure of skilled labor and the destruction of infrastructure and impeding the movement of trade, however, the World Bank predicted high growth rate in Iraq to 3.1% in 2016 versus 0.5% in 2015 thanks to the recovery of oil and non-oil sectors.
He explained that the projections based on the assumption shrinking economic impacts resulting from the emergence of Daash gangs.
On the other hand, the World Bank report warned that the weak growth in emerging market countries will affect the global growth in 2016, expected to accelerate the pace of economic activity globally pace modest as it is expected to reach rate growth to 2.9% in 2016 compared to 2.4% in 2015.
The report said, the weakness of the recovery of most of the major emerging markets raises concerns about efforts to achieve the goals of ending poverty and promoting common prosperity as these countries are strongly contributed to the global growth during the past ten years.
He also warned the report At the same time, the indirect effects of the status of the main emerging markets will weaken growth in developing countries.
The World Bank President Jim Yong Kim, commenting on the report, it said that "more than 40% of the world's poor live in developing countries where the growth rate fell, stressing the need for the developing countries focus on building their capacity to withstand the weak economic environment and to protect the most disadvantaged groups.
He pointed out that the reform of corporate governance and business environment systems may have significant benefits may compensate for the effects of the slow growth in the larger economies.
The economic growth rate Global has achieved a rate less than 2015 expected, due to falling commodity prices and the decline of trade, capital and the vagaries of global markets flows.
will depend improved growth in the future on the continued momentum of activity in the high-income countries and the stability of commodity prices and the success of China in a gradual transition towards a model more growth based on consumption and services.
The World Bank predicted that developing countries achieved growth rate up to 4.8% in 2016, which is less than indicated by earlier forecasts but higher at the same time the low level of growth, which reached 4.3% in 2015, is also expected to see China further decline as a recession in Russia and Brazil in 2016.