Experts identify factors that helped improve the Iraqi economy and proposals to increase per capita income
Economie Yesterday, 20:42
Baghdad - conscious - Nassar al-Hajj
Indicators of improvement in the performance of the Iraqi economy and the rise in the level of revenues prompted experts to put forward optimistic expectations for the coming years,
but they stipulated that they be strengthened by a number of government moves to invest the growth situation in the rise in oil prices in increasing per capita income.
In its report issued during the current month of April, the World Bank confirmed that Iraq ranked first in the Arab world with the largest growth in GDP and per capita for the year 2022.
Good improvement and expected to continue for several years
Economic and financial analyst Mahmoud Dagher said in a statement to the Iraqi News Agency (INA), that "the World Bank report indicates an improvement in the overall performance of the Iraqi economy compared to previous years that were affected by the Corona pandemic, and when compared to the previous situation, it is a good improvement."
He explained, "The World Bank report contains two parts, the
- first is non-oil sectors that must achieve an improvement after the pandemic, such as the transportation sector and retail sales, as well as some activities that were affected by Corona, while the
second part indicated that the main improvement was represented by the significant rise in oil prices, and this The improvement will continue and is expected until 2024."
He added, "The government must invest this boom in oil prices, which may last for two years, injecting more investment and re-growth in the gross domestic product," noting that
"the World Bank estimates indicate a growth of approximately 5% in GDP, which leads to An improvement in the repayment of the Iraqi debt and its dues and its effects on the economy.
Calls to increase energies and capabilities within the economy
In turn, the economic and academic analyst, Ahmed Saddam, stated that "the economic growth achieved in Iraq is linked to an increase in the nominal value of Iraq's oil exports, as it is the main source of income and the main component of the gross domestic product, and
it must focus on increasing the energies and capabilities within the economy."
And he stated in his speech to the Iraqi News Agency (INA), that
"the achieved growth depends on the level of oil prices, and
the returns that the simple Iraqi citizen can derive from this growth coupled with the level of economic policies and their employment of financial surpluses in non-oil productive projects or stimulating activities and thus
- creating job opportunities,
reducing poverty, as well as improving the level of services, especially in the health and education sectors.
He continued, "The reality of the economy is mainly related to the oil sector and its exports, and
therefore the economy as a result is linked to all the changes that occur globally and the fluctuations that result from the rise or fall of oil prices."
Government steps that drive growth
For his part, economic analyst Abdul Hassan Al-Ziyadi confirmed to the Iraqi News Agency (INA) that "growth should be invested in government programs to make the private sector succeed and achieve growth."
He added, "State-building needs serious steps to support the private sector by the next government."
In turn, economic analyst Salam Sumaisem pointed out that "the last report of the World Bank classified Iraq among the countries that achieved significant growth this year and considered it the first in the Arab reality, based on the steps taken by the government to address the phenomenon of inflation in the Iraqi economy and also the rise in oil prices globally."
And she stressed in her speech to the Iraqi News Agency (INA) that "the Iraqi government must invest additional resources by taking quick steps to revitalize the agricultural and industrial realities, as they face real problems and need a long time to solve."
The World Bank report expected that "Iraq's gross domestic product will grow during the current year by 8.9 percent, surpassing the rest of the Arab countries, including Qatar, which is expected to grow by 4.9 percent, Saudi Arabia 7 percent, Kuwait 5.7 percent, UAE 4.9 percent, Algeria 3.2 percent, Egypt 5.5 percent, and Jordan." 2.3 percent and Morocco 4.3 percent.
He added, "The growth of Iraq's GDP will be 4.5 percent, similar to Qatar, and it will rise in Egypt to 5 percent, Saudi Arabia will have 3.8 percent, Kuwait 3.6 percent, Algeria 1.3 percent, Tunisia 3.5 percent, and Jordan 2.3 percent."
The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3 percent, while Saudi Arabia's per capita growth will be 5.5 percent, Kuwait 4.5 percent, Bahrain 1.4 percent, Egypt 3.6 percent, and Qatar." 4.5 percent, while Morocco will decrease 0.1 percent.