International Monetary Expects A Recovery Of Non-Oil GDP In Iraq
A report by the International Monetary Fund confirmed that the Iraqi economy is recovering from the sharp contraction 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 in a report translated by the agency “Information”, the Monetary Fund as saying that “the real non-oil GDP of the country is expected to recover by 12 percent this year, while the balances of financial and current accounts are expected to improve significantly, after contracting Its officials held an online meeting with the Iraqi authorities regarding recent economic developments and upcoming policy priorities for the country.”
He added that “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.” finished/25 z