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Improvement in government spending capabilities {without financial hardship}

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Improvement in government spending capabilities {without financial hardship}

Thursday, October 14, 2021 151
Baghdad: Haider Falih Al-Rubaie


, the financial advisor in the Prime Ministry, Dr. Mazhar Muhammad Salih, confirmed that Iraq has been able to improve the capabilities of aggregate demand, or government spending {without financial hardship}, pointing out that this is one of the convenient indicators in moving The machine of economic activity, while noting that this improvement was positively reflected in the degree of growth in the gross domestic product.

The World Bank announced last week that the gross domestic product in Iraq grew by 0.9% on an annual basis in the first half of 2021, noting that {the growth The economy in Iraq is gradually recovering after the downturn associated with the epidemic last year, partly due to the rise in non-oil activity,” he said, expecting that

“improving global oil market conditions will enhance growth in the medium term, and transform public and external financial balances into surpluses from 2021, The recent rise will be reflected in debts.

Dr. Salih said in an interview with {Al-Sabah}, {Iraq was able to Improving the capabilities of aggregate demand or government spending in particular without financial hardship, which is one of the convenient indicators in moving the machinery of economic activity and addressing the problems of regression towards economic stagnation.”

pointing out that {the development of government spending in the year 2021 (which constitutes 50% of Iraq's GDP) was positively reflected in the degree of GDP growth itself to touch slightly less than (positive 1%). After the growth index itself recorded a negative deterioration in 2020, it reached more than (minus 9.5).

The financial advisor believes that these economic indicators indicate that the unemployed sectors in the labor and production market are in a better operational position, as actual unemployment decreased from approximately 23% in 2020 to approximately 14% currently, in addition to the relative decline in poverty levels.

Salih pointed out that {the continuation of stability in the Iraqi economy in a sustainable manner in the next year, 2022, the aspiration will be towards achieving levels of growth in the gross domestic product, which may exceed the level of annual population growth currently amounting to 2 6% due to the development of investment spending, expecting at the same time that {the level of growth will reach about 4% or more}.

Saleh explained that these positive indicators mean {there is a decrease in unemployment levels and an increase in unemployment. Investment spending, both governmental and private, in order to achieve higher levels of economic growth for our country.

In turn, the World Bank said in a report, that {the gross domestic product of Iraq grew in the first half of 2021, by 0.9% over YoY basis (YoY), the non-oil economy grew by more than 21% in the first half of 2011 (YoY) due to the strong performance in the oil sector. services services}, noting that {this recovery exceeded the slowdown in the oil sector, with a decrease of 10% in the first half of 2121.

The new (Covid-19) and climate change challenges are major headwinds}, expecting the economy to gradually recover against the backdrop of high oil prices and OPEC + production quotas that are scheduled to be phased out in 2022, and therefore oil GDP will be the main engine of growth in the long term average}.

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