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The World Bank expects Iraq's GDP to grow in 2024
Economical 04/11/2023
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The World Bank report for the current month of April predicted that Iraq would achieve the second rank in the Arab world with the largest GDP growth, during the year 2024.
And the bank stated in a report that “Iraq’s gross domestic product is expected to grow during the current year 2023 by 2.8%, after it achieved a growth during the year 2022 of 7.9%.”
He added, "It is hoped that Iraq will achieve a growth in the domestic product in 2024 by 4.4%, to rank second after Djibouti, in which the growth will reach 5.4%," noting that "the growth of the domestic product of Qatar for the same year will be 2.9%, the UAE 3.4%, and Saudi Arabia 3.3%, While growth will reach 4% for Egypt and Jordan
2.4% and Tunisia 3%.
The World Bank report indicated that it is expected that "the growth of per capita GDP in Iraq will also increase during the year 2024, by 2%, after it was 0.4% in 2023," explaining that "the highest growth in per capita GDP is In the Arab countries for the year 2024, the share of Djibouti will be at a rate of 4.2%, followed by the UAE at a rate of 3.4%.
According to the report, the bank’s experts suggested that “the growth of the Middle East and North Africa region in 2023 will be 3% and 3.1% in 2024, and the World Bank expected that the growth rate in per capita GDP in the region in 2023 would rise to 1.6% and by 1.7% in 2024.
The “gross domestic product” gives a general idea of the economic growth of a country, and this growth is usually accompanied by an increase in employment opportunities and an increase in wealth, but this criterion does not include whether the growth is sustainable or temporary, and whether it will cause economic damage in the medium term or the long.
The Gross Domestic Product is a purely physical indicator, and it is not possible to measure the quality of life in a particular country, or the extent of happiness and comfort of the population, just as this indicator does not take into account the environmental standard and the negative consequences of economic activity that will cost a lot of money in the future.
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