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2022-03-05 05:10
Shafaq News/ An Iraqi center specialized in economic and political affairs revealed, on Friday, that the war between Russia and Ukraine had caused losses in the global gross product estimated at one trillion dollars, and indicated that Russia would not be "too affected" by the sanctions in light of what is happening in the global economy and that Europe would be " "The most affected" by what is happening, he stressed that Iraq will bear part of this damage in light of the current conditions and the change in financial and economic policies.
The Director of the Iraqi Political Economic Center Wissam Hadmal Al-Hilu told Shafak News Agency; “According to the daily monitoring of global markets, the war between Russia and Ukraine has caused an addition of (3%) to global inflation this year (2022), in addition to (1%) of global GDP, which is equivalent to a trillion dollars by next year.”
Al-Helou pointed out that "the inflation cycle may inflame more if the central banks of the countries of the world, which is likely, choose to avoid the scourge of war through their monetary policies, which would fuel global inflation, which poses a threat to global economic growth."
Al-Helou explained that "the rise in oil and gas prices would partially mitigate the impact of sanctions on Russia, but the global gross domestic product will continue to shrink by 1.5 percent this year and more than 2.5 percent by the end of (2023)."
The director of the Iraqi Political-Economic Center expected that "Europe will be the most affected region due to its trade links and dependence on Russian energy and food supplies, with emerging markets affected to a lesser extent than advanced economies," noting that "public spending is expected to increase to support the massive influx of asylum seekers from Ukraine." and boosting military spending, which will limit the negative effects on European GDP.
Al-Hilu called on the Iraqi government and all relevant economic institutions to "carefully follow the current global economic indicators and find ways to alleviate the burdens of the Iraqi economy in the current and future stage, especially since Iraq is subject to all financial and economic policies that have begun to change in the world due to the current war."
Al-Hilu pointed out that "the need to search for Iraq's interest first at the economic and political level and to create a balanced economic policy," noting that "we cannot lose sight of the situation in Iraq throughout the previous period, which was and still suffers from a lot of unemployment, poverty and many changing administrative and political problems and cannot bear More economic damage is expected from the ongoing war."
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Economic Center: The damages will be “partial” to Russia and “harsh” to Europe and Iraq
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2022-03-05 05:10
Shafaq News/ An Iraqi center specialized in economic and political affairs revealed, on Friday, that the war between Russia and Ukraine had caused losses in the global gross product estimated at one trillion dollars, and indicated that Russia would not be "too affected" by the sanctions in light of what is happening in the global economy and that Europe would be " "The most affected" by what is happening, he stressed that Iraq will bear part of this damage in light of the current conditions and the change in financial and economic policies.
The Director of the Iraqi Political Economic Center Wissam Hadmal Al-Hilu told Shafak News Agency; “According to the daily monitoring of global markets, the war between Russia and Ukraine has caused an addition of (3%) to global inflation this year (2022), in addition to (1%) of global GDP, which is equivalent to a trillion dollars by next year.”
Al-Helou pointed out that "the inflation cycle may inflame more if the central banks of the countries of the world, which is likely, choose to avoid the scourge of war through their monetary policies, which would fuel global inflation, which poses a threat to global economic growth."
Al-Helou explained that "the rise in oil and gas prices would partially mitigate the impact of sanctions on Russia, but the global gross domestic product will continue to shrink by 1.5 percent this year and more than 2.5 percent by the end of (2023)."
The director of the Iraqi Political-Economic Center expected that "Europe will be the most affected region due to its trade links and dependence on Russian energy and food supplies, with emerging markets affected to a lesser extent than advanced economies," noting that "public spending is expected to increase to support the massive influx of asylum seekers from Ukraine." and boosting military spending, which will limit the negative effects on European GDP.
Al-Hilu called on the Iraqi government and all relevant economic institutions to "carefully follow the current global economic indicators and find ways to alleviate the burdens of the Iraqi economy in the current and future stage, especially since Iraq is subject to all financial and economic policies that have begun to change in the world due to the current war."
Al-Hilu pointed out that "the need to search for Iraq's interest first at the economic and political level and to create a balanced economic policy," noting that "we cannot lose sight of the situation in Iraq throughout the previous period, which was and still suffers from a lot of unemployment, poverty and many changing administrative and political problems and cannot bear More economic damage is expected from the ongoing war."
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