Economist: Iraq is on the verge of a frightening economic collapse

by **Rocky** Mon 24 Aug 2020, 7:41 am

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Economist: Iraq is on the verge of a frightening economic collapse

by Rocky Mon 24 Aug 2020, 7:41 am

Economist: Iraq is on the verge of a frightening economic collapse

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[rtl]Baquba / NINA / Economic specialist Jamal Shaker warned of the collapse of the economic situation in the country as a result of the lack of real economic fundamentals.

Shaker, a member of the dissolved local council in Baquba, told the correspondent of the Iraqi National News Agency ( NINA ): "The Iraqi economy depends entirely on oil resources without the presence of other supporting ingredients for the economy, and here lies the danger of the Iraqi economic situation, which is subject to gradual collapse without any plans. Real advancement, "indicating:" Iraq is on the verge of a frightening economic collapse unless there are real treatments. "

He added: "The near future may have more impact on the livelihood of the citizen, and that foreign loans and the imposition of interest cannot be paid by the Iraqi economy," calling on government agencies to activate economic resources by restoring life to closed factories, activating taxes, controlling border outlets and exploiting gas. Natural and expanding and increasing oil production, to get out of the crisis and the looming collapse. "/ Ended[/rtl]

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by **Rocky** Mon 24 Aug 2020, 7:49 am

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Post n°2

Terrifying expectations: Iraq's economy shrinks, weakens, revenues halve, and debt rises to 100% ...

by Rocky Mon 24 Aug 2020, 7:49 am

[size=30]Terrifying expectations: Iraq's economy shrinks, weakens, revenues halve, and debt rises to 100% ... collapse and risks outweighing "terrorism"!

2020-08-24
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Yes Iraq: Baghdad
Using the Oxford University model, economists put forth "terrifying" forecasts about the Iraqi economic situation, affecting the shrinkage of the oil sector to 15%, and the contraction of public revenues to 43%, while the total deficit in 2020 rises to 20%, after it was only about 2% in 2019 year.

The economist and oil expert, Dr. Asma Yassin, an analyst of economic models and forecasts in the Crude Oil Studies Department of the Organization of Petroleum Exporting Countries, said in a blog monitored by "Yis Iraq", that "using the Oxford University model to estimate the rate of GDP growth, the Iraqi economy is expected to record a sharp contraction of 10%." 12% during the year 2020, which is a much higher rate of contraction than the estimates of the International Monetary Fund (-4.7%) and the World Bank (-5.0%).

It indicated that “this is mainly due to the bilateral economic shock that resulted from the collapse of oil prices and the economic repercussions of the COVID-19 pandemic that has befallen an economy suffering from accumulated structural problems and escalating political tensions. Moreover, there is an expectation of a decline in oil production due to Iraq's pledges to fully adhere to With the agreement to reduce production agreed upon with OPEC (OPEC +), which was agreed upon after the recent collapse in oil prices.
She indicated that "Iraq's approval of the agreement was an inevitable economic necessity in light of the significant deterioration in the demand for crude oil and the high levels of stocks in the main consuming countries that resulted from the paralysis of the transport sector in most countries of the world," noting that "based on the data of the six secondary sources." Approved by OPEC and its member states, Iraq did not achieve the required commitment percentage during the months of May, June and July. However, the commitment rate witnessed a noticeable escalation, which is calculated for Iraq, taking into account the economic and political obstacles that prevent Iraq from achieving full compliance rates, and on the basis of lack of control over production. The Kurdistan region, estimated at about (500) thousand barrels / day, OPEC depends on the region’s production as part of the total production of Iraq.

Iraq loses revenues of 3 million barrels within two months
She pointed out that "Iraq is currently seeking serious reductions in oil production levels of up to 400 thousand barrels / day during August and September in addition to the previous commitment to reduce 850 thousand barrels / day, so the total cumulative reduction for the two aforementioned months will be approximately 3 million barrels / day." The matter prompts the future investment plan to be postponed, including the plan to increase the production capacity of Majnoon field, which was previously announced, until 2022, as it was planned to work to increase the production capacity of Majnoon field from 240 thousand barrels / day to 450 thousand barrels / day.
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Economist: Iraq is on the verge of a frightening economic collapse

Economist: Iraq is on the verge of a frightening economic collapse

Economist: Iraq is on the verge of a frightening economic collapse

Terrifying expectations: Iraq's economy shrinks, weakens, revenues halve, and debt rises to 100% ...

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