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Cautious optimism
Economical 09/11/2023
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Muhammad Sharif Abu Maysam
All reports issued locally confirm that the Iraqi economy is recovering little by little despite the structural imbalances that have entrenched the negatives of the rentier state and the unilateral economy, despite the many obstacles and legacies generated by the stages of political tensions or those that preceded them.
When the Ministry of Agriculture, for example, announces in its statements the achievement of self-sufficiency in the wheat crop with a production exceeding 5 million tons and in the production of many vegetable crops despite the scarcity of water that led to a reduction in cultivated areas, this is a restoration of confidence in this sector. When 328 investment projects are announced in the service, industrial, health, entertainment and electrical sectors at a cost exceeding 10 billion US dollars, and that some of these projects have entered the production stage, while others will enter in 2024, this is an important step that will restore life to the business environment and establish a development stage that we have been waiting for. .
After the budget implementation instructions were issued, it became certain that the investment budget allocations would be released, and it became clear that work had returned to projects that had been stalled for years, while the procedures of the Central Bank and the security authorities related to commercial and financial oversight contributed to the initiation of a procedural policy to control exchange rates on the black market, and in the sector. Housing: Investment is clearly increasing in vertical housing projects, while the year 2024 is expected to be the year of the largest harvest for industrial and infrastructure projects, which will contribute to addressing the labor market saturated with unemployed labor left by years of political confusion and quarrels fueled by international wills. This is only the beginning of signs of recovery, with the hope of rising from the slump of recession with hard work and systematic steps towards broad structural reforms as stated in the government program. This opinion is not overly optimistic as much as it is belief in the possibility of moving in this direction according to the available elements that support success.
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