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Iraq is recording 4% economic growth and moving towards sustainable diversification
Economical 11/13/2024
Baghdad: Shukran Al-Fatlawi
The increase in growth in the Iraqi economy by 4% reflects the beginning of a positive shift towards sustainable economic diversification.
According to International Monetary Fund forecasts, this growth reflects the country's efforts to reduce dependence on non-renewable natural resources and shift to an economy that relies on other sectors.
Specialists consider that the development project initiated by the government represents a qualitative step towards restructuring the national economy.
They point out that this project includes developing a strong infrastructure, developing the industrial and agricultural sector, in addition to attracting foreign and local investments, which will enhance Iraq's ability to face future economic challenges. In this context, experts point out that
Iraq has already begun implementing some of the recommendations of international conferences, such as the Munich Conference and other economic forums held in Washington and Riyadh, as the government seeks to attract international companies and enhance the role of the private sector in the economy.
The government's approach to multi-pronged development programs is part of a comprehensive strategy aimed at transforming the Iraqi economy from one that relies mainly on oil to one Diverse and sustainable.
Development plan
The expert in economic affairs, Dr. Adnan Bahia, in an interview with “Al-Sabah,” explained that the
World Bank, in its adoptions regarding Iraq, depends on a large number of important factors, the most important of which is the existence of the development plan for the next five years, which it prepared in a way that guides the development process in Iraq, which is being implemented. Through it, the dispersed development trends are limited to one correct direction.
Government programme
Bahiya promised the existence of an ambitious government program for the past years and the current year that achieves a large number of achievements, the
most important of which is the work to complete the files of lagging projects, as their number has decreased by more than half, pointing out that this is a good indicator for growth. He noted that the
Economic process
stability of oil prices, even in light of the unstable political and security atmosphere in the Middle East and the world, where prices range from 70 to 80 dollars per barrel, encourages the continuation of the economic process in the country, since the Iraqi economy depends on oil for 95 percent of its capabilities and revenues. He hinted that the
current policies in the field of combating corruption and returning looted and smuggled funds out of Iraq are important, especially if those funds are exploited to create an advanced industrial, agricultural and service base that will transform the country. In the right direction.
Advanced ranks
Economic affairs researcher, Suhad Al-Shammari, told “Al-Sabah” that the
International Monetary Fund’s reports confirm that Iraq ranks highly in the Arab world in terms of expected economic growth, amounting to 4 percent, ahead of Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan, and Qatar. Al-Shammari attributed
Correct planning
the reason for this to the role of the state and the current government in proper management and planning to enhance the growth of the economic sector and protect the local market from the economic fluctuations that are plaguing the region, as well as providing the Iraqi citizen’s requirements for social welfare salaries and a food basket, which made a clear difference in protecting the local market from fluctuations. Exchange rate. She continued that the
investment and service projects that began with the government curriculum and directly with the current government by launching them and the international conferences, in which I participated, including the Munich and Riyadh conferences, brought Iraq back to the global platform. She added that
Foreign investments
Iraq is an important geopolitical player, possessing the potential to secure foreign investments and joint cooperation between Iraqi and foreign private sectors, stressing that
the country is capable of finding a substitute for oil and has all the solid economic components, as evidenced by the efforts of most countries to contribute to important projects, including the development project, which is considered a transition. Quality in the Iraqi economy.
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Economical 11/13/2024
Baghdad: Shukran Al-Fatlawi
The increase in growth in the Iraqi economy by 4% reflects the beginning of a positive shift towards sustainable economic diversification.
According to International Monetary Fund forecasts, this growth reflects the country's efforts to reduce dependence on non-renewable natural resources and shift to an economy that relies on other sectors.
Specialists consider that the development project initiated by the government represents a qualitative step towards restructuring the national economy.
They point out that this project includes developing a strong infrastructure, developing the industrial and agricultural sector, in addition to attracting foreign and local investments, which will enhance Iraq's ability to face future economic challenges. In this context, experts point out that
Iraq has already begun implementing some of the recommendations of international conferences, such as the Munich Conference and other economic forums held in Washington and Riyadh, as the government seeks to attract international companies and enhance the role of the private sector in the economy.
The government's approach to multi-pronged development programs is part of a comprehensive strategy aimed at transforming the Iraqi economy from one that relies mainly on oil to one Diverse and sustainable.
Development plan
The expert in economic affairs, Dr. Adnan Bahia, in an interview with “Al-Sabah,” explained that the
World Bank, in its adoptions regarding Iraq, depends on a large number of important factors, the most important of which is the existence of the development plan for the next five years, which it prepared in a way that guides the development process in Iraq, which is being implemented. Through it, the dispersed development trends are limited to one correct direction.
Government programme
Bahiya promised the existence of an ambitious government program for the past years and the current year that achieves a large number of achievements, the
most important of which is the work to complete the files of lagging projects, as their number has decreased by more than half, pointing out that this is a good indicator for growth. He noted that the
Economic process
stability of oil prices, even in light of the unstable political and security atmosphere in the Middle East and the world, where prices range from 70 to 80 dollars per barrel, encourages the continuation of the economic process in the country, since the Iraqi economy depends on oil for 95 percent of its capabilities and revenues. He hinted that the
current policies in the field of combating corruption and returning looted and smuggled funds out of Iraq are important, especially if those funds are exploited to create an advanced industrial, agricultural and service base that will transform the country. In the right direction.
Advanced ranks
Economic affairs researcher, Suhad Al-Shammari, told “Al-Sabah” that the
International Monetary Fund’s reports confirm that Iraq ranks highly in the Arab world in terms of expected economic growth, amounting to 4 percent, ahead of Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan, and Qatar. Al-Shammari attributed
Correct planning
the reason for this to the role of the state and the current government in proper management and planning to enhance the growth of the economic sector and protect the local market from the economic fluctuations that are plaguing the region, as well as providing the Iraqi citizen’s requirements for social welfare salaries and a food basket, which made a clear difference in protecting the local market from fluctuations. Exchange rate. She continued that the
investment and service projects that began with the government curriculum and directly with the current government by launching them and the international conferences, in which I participated, including the Munich and Riyadh conferences, brought Iraq back to the global platform. She added that
Foreign investments
Iraq is an important geopolitical player, possessing the potential to secure foreign investments and joint cooperation between Iraqi and foreign private sectors, stressing that
the country is capable of finding a substitute for oil and has all the solid economic components, as evidenced by the efforts of most countries to contribute to important projects, including the development project, which is considered a transition. Quality in the Iraqi economy.
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