Iraq records the highest economic growth in its history in the current year
Economy 12-10-2022, 21:08
INA – BAGHDAD
Financial advisor to the Prime Minister, Mudhher Muhammad Salih explained the reasons that allowed Iraq to record the highest Arab growth rates this year, which exceeded 9%, according to a report by the International Monetary Fund, describing this percentage as the highest in the history of Iraq.
“The reason is due to the
increase in Iraq’s exports by about one million barrels compared to the period of Corona pandemic emergence, and also the
increase in oil prices by 40% as well as, the
major reconstruction campaign in the liberated cities, said Salih to Al-Iraqiya News TV, and the Iraqi News Agency – INA. He noted that
"there is a fourth reason.
It’s the due to the activity of the digital communications sector, and the
fifth is due to the initiative of the Central Bank, which amounted to 19 trillion dinars and provided housing loans plus supporting youth projects." Salih explained that
“there are financial savings represented by the increase in the Central Bank’s reserves that support economic stability, and others related to the rise in oil prices.
It ranges, according to our estimates, between $15-$20 billion, and this should be invested in a budget legislation for the next year, especially since the budget represents 50% of the value of the domestic product.
It has an investment aspect that supports the development sector in the country and maintains good growth rates.”