POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]
[size=52]Regional and international challenges hinder the path of the Iraqi economy towards stability[/size]
[size=45]Translated by: Hamed Ahmed[/size]
[size=45]The International Organization for Migration, IOM, spoke about several factors and challenges that stand in the way of achieving a stable internal economic recovery for Iraq, including regional and international tensions, increased food prices, and fluctuations in global oil market prices, and their negative impact on the growth and expansion of private sector projects, recommending the need for the country to take strategic solutions. Short and long term solutions to address these challenges.[/size]
[size=45]The organization stated in its report titled: “Regional instability and economic recovery in Iraq,” that Iraq, which has suffered from the consequences of decades of wars and battles that took place on its soil, still faces great challenges on its way towards achieving economic recovery and sustainable solutions to the problem of displacement.[/size]
[size=45]The organization estimates that, as of December 2023, there are still approximately 1.1 million people living in a state of displacement, with five million displaced people returning to their areas of origin. Despite years of progress in this field, many displaced people and returnees are going through difficult living conditions.[/size]
[size=45]Recent statistics showed that 74% of the displaced in Salah al-Din Governorate and 42% of the returnees lack a stable source of income.[/size]
[size=45]The same situation applies to Nineveh Governorate, where 77% of the displaced and 62% of the returnees lack a stable source of income.[/size]
[size=45]The organization points out that most of the displaced and returnees do not have savings to face this circumstance amid the escalation in food prices.[/size]
[size=45]In Nineveh Governorate, only 14% of displaced families and 22% of returning families reported that they were able to cover unexpected expenses, compared to 18% of displaced families and 23% of returnees in Salah al-Din Governorate.[/size]
[size=45]The organization states in its report that the country's economy depends mainly on the oil sector, and according to World Bank estimates for the year 2023, the country has witnessed in 2022 a growth in gross domestic product of 7% due to the rise in oil prices and adjustments to production rates.[/size]
[size=45]However, the non-oil economic sectors, especially the agricultural ones, have suffered from stagnation. Part of this is due to the lack of water resulting from climate change and the chronic gap related to the lack of financing and a lack of infrastructure and public services that hinder competition in private sector projects.[/size]
[size=45]Small and medium enterprises are responsible for providing most job opportunities in the private sector and one of the growth stimulators for other sectors of the country's economy, but they face important obstacles that prevent them from obtaining the financial resources necessary for their expansion.[/size]
[size=45]The oil sector constitutes 90% of the state’s imports, in addition to the fact that 38% of the country’s population are employees of the public sector, which, according to the International Labor Organization, is the highest percentage in the world, at a time when the private sector faces bureaucratic obstacles in developing its small and medium enterprises, as unemployment among youth constitutes a percentage 36%.[/size]
[size=45]Another challenge facing achieving stable economic growth in Iraq is regional and international instability. The international organization indicates in its report that international and regional instability related to the ongoing war in Ukraine and the ongoing war in Gaza would greatly affect the Iraqi economic and commercial scene. These conflicts led to major fluctuations in the global prices of oil and foodstuffs.[/size]
[size=45]The Commercial Economics Research for the year 2023 indicates that international tensions led to an increase in oil prices, but they negatively affected investment and job opportunities in the regions witnessing these conflicts and in neighboring countries.[/size]
[size=45]This means that the continuing regional instability will have an important impact on the Iraqi economy and the potential increase in oil revenues, but on the other hand, it will have a more negative impact on the non-oil sectors and a negative impact on foreign investments and private sector projects.[/size]
[size=45]Another challenge is related to the increase in food prices. The report indicates that inflation increased in Iraq after the period of the Corona pandemic and reached its peak at the beginning of 2023. By the year 2022, the inflation rate in Iraq was 5% and is expected to remain stable throughout 2024, and the increase in global food prices was a major reason for the increase in inflation in Iraq has high import requirements for foodstuffs, and the state of disturbances in the supply chain has increased the prices of goods.[/size]
[size=45]The third challenge is the volatility of global oil market prices, as both the Gaza crisis and the war in Ukraine had an impact on the global oil market and led to its rise, which increased the oil revenues of producing countries, including Iraq. In previous years, during the Corona pandemic crisis, oil prices witnessed a sharp decline during the year 2020, but prices began to gradually recover in subsequent years. This indicates that there is significant fluctuation in prices, and the fact that the country is vulnerable to these fluctuations affects its budget.[/size]
[size=45]The organization recommends in its report that Iraq must confront these challenges by developing short- and long-term strategic plans.[/size]
[size=45]Regarding short-term plans, there should be a focus on mitigating the effects of regional instability on the recovery of the private sector in affected areas that have witnessed large-scale displacement and areas that have witnessed the consequences of climate change on agricultural families, and at the same time it calls on the international community and the government to continue providing support to achieve Sustainable solutions for displaced people.[/size]
[size=45]With regard to long-term plans, Iraq must focus on plans to diversify the sources of its economy in order to reduce its total dependence on oil while providing a suitable environment for developing the private sector and encouraging investment in small and medium enterprises that will have a contribution to supporting the Iraqi national economy.[/size]
[size=45]About: Relief Web International website[/size]
[size=45][You must be registered and logged in to see this link.]
[size=52]Regional and international challenges hinder the path of the Iraqi economy towards stability[/size]
[size=45]Translated by: Hamed Ahmed[/size]
[size=45]The International Organization for Migration, IOM, spoke about several factors and challenges that stand in the way of achieving a stable internal economic recovery for Iraq, including regional and international tensions, increased food prices, and fluctuations in global oil market prices, and their negative impact on the growth and expansion of private sector projects, recommending the need for the country to take strategic solutions. Short and long term solutions to address these challenges.[/size]
[size=45]The organization stated in its report titled: “Regional instability and economic recovery in Iraq,” that Iraq, which has suffered from the consequences of decades of wars and battles that took place on its soil, still faces great challenges on its way towards achieving economic recovery and sustainable solutions to the problem of displacement.[/size]
[size=45]The organization estimates that, as of December 2023, there are still approximately 1.1 million people living in a state of displacement, with five million displaced people returning to their areas of origin. Despite years of progress in this field, many displaced people and returnees are going through difficult living conditions.[/size]
[size=45]Recent statistics showed that 74% of the displaced in Salah al-Din Governorate and 42% of the returnees lack a stable source of income.[/size]
[size=45]The same situation applies to Nineveh Governorate, where 77% of the displaced and 62% of the returnees lack a stable source of income.[/size]
[size=45]The organization points out that most of the displaced and returnees do not have savings to face this circumstance amid the escalation in food prices.[/size]
[size=45]In Nineveh Governorate, only 14% of displaced families and 22% of returning families reported that they were able to cover unexpected expenses, compared to 18% of displaced families and 23% of returnees in Salah al-Din Governorate.[/size]
[size=45]The organization states in its report that the country's economy depends mainly on the oil sector, and according to World Bank estimates for the year 2023, the country has witnessed in 2022 a growth in gross domestic product of 7% due to the rise in oil prices and adjustments to production rates.[/size]
[size=45]However, the non-oil economic sectors, especially the agricultural ones, have suffered from stagnation. Part of this is due to the lack of water resulting from climate change and the chronic gap related to the lack of financing and a lack of infrastructure and public services that hinder competition in private sector projects.[/size]
[size=45]Small and medium enterprises are responsible for providing most job opportunities in the private sector and one of the growth stimulators for other sectors of the country's economy, but they face important obstacles that prevent them from obtaining the financial resources necessary for their expansion.[/size]
[size=45]The oil sector constitutes 90% of the state’s imports, in addition to the fact that 38% of the country’s population are employees of the public sector, which, according to the International Labor Organization, is the highest percentage in the world, at a time when the private sector faces bureaucratic obstacles in developing its small and medium enterprises, as unemployment among youth constitutes a percentage 36%.[/size]
[size=45]Another challenge facing achieving stable economic growth in Iraq is regional and international instability. The international organization indicates in its report that international and regional instability related to the ongoing war in Ukraine and the ongoing war in Gaza would greatly affect the Iraqi economic and commercial scene. These conflicts led to major fluctuations in the global prices of oil and foodstuffs.[/size]
[size=45]The Commercial Economics Research for the year 2023 indicates that international tensions led to an increase in oil prices, but they negatively affected investment and job opportunities in the regions witnessing these conflicts and in neighboring countries.[/size]
[size=45]This means that the continuing regional instability will have an important impact on the Iraqi economy and the potential increase in oil revenues, but on the other hand, it will have a more negative impact on the non-oil sectors and a negative impact on foreign investments and private sector projects.[/size]
[size=45]Another challenge is related to the increase in food prices. The report indicates that inflation increased in Iraq after the period of the Corona pandemic and reached its peak at the beginning of 2023. By the year 2022, the inflation rate in Iraq was 5% and is expected to remain stable throughout 2024, and the increase in global food prices was a major reason for the increase in inflation in Iraq has high import requirements for foodstuffs, and the state of disturbances in the supply chain has increased the prices of goods.[/size]
[size=45]The third challenge is the volatility of global oil market prices, as both the Gaza crisis and the war in Ukraine had an impact on the global oil market and led to its rise, which increased the oil revenues of producing countries, including Iraq. In previous years, during the Corona pandemic crisis, oil prices witnessed a sharp decline during the year 2020, but prices began to gradually recover in subsequent years. This indicates that there is significant fluctuation in prices, and the fact that the country is vulnerable to these fluctuations affects its budget.[/size]
[size=45]The organization recommends in its report that Iraq must confront these challenges by developing short- and long-term strategic plans.[/size]
[size=45]Regarding short-term plans, there should be a focus on mitigating the effects of regional instability on the recovery of the private sector in affected areas that have witnessed large-scale displacement and areas that have witnessed the consequences of climate change on agricultural families, and at the same time it calls on the international community and the government to continue providing support to achieve Sustainable solutions for displaced people.[/size]
[size=45]With regard to long-term plans, Iraq must focus on plans to diversify the sources of its economy in order to reduce its total dependence on oil while providing a suitable environment for developing the private sector and encouraging investment in small and medium enterprises that will have a contribution to supporting the Iraqi national economy.[/size]
[size=45]About: Relief Web International website[/size]
[size=45][You must be registered and logged in to see this link.]
Today at 9:50 am by Rocky
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
Today at 9:40 am by Rocky
» Among them are the Iraqis... a list of the most sought-after immigrants to America
Today at 9:38 am by Rocky
» An expert talks about the "biggest barrier" and the positives of merging Iraqi and Arab banks
Today at 9:29 am by Rocky
» The House of Representatives adjourns its session
Today at 9:24 am by Rocky
» Parliamentary demands to expedite the legislation of the Eid al-Ghadir holiday law (documents)
Today at 9:23 am by Rocky
» Parliament adds the paragraph “Electing the Speaker of the House of Representatives” to its agenda
Today at 9:21 am by Rocky
» Alsumaria publishes the text of the law against prostitution and homosexuality
Today at 9:20 am by Rocky
» A parliamentarian reveals the reason for the failure of the Speaker of Parliament to pass during tod
Today at 9:19 am by Rocky
» utube MM&C 4/24/24 Support - USA- Turkey - Timing- Currency Value - Tabled
Today at 8:51 am by Rocky
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
Today at 8:49 am by Rocky
» Al-Sudani: The government has launched many strategies and initiatives that will improve the reality
Today at 8:42 am by Rocky
» International Business: Iraq has made progress in supporting businesses through investment and priva
Today at 8:33 am by Rocky
» Association of Banks: Iraq is witnessing great development in the transition to electronic governmen
Today at 8:25 am by Rocky
» The House of Representatives votes to add an item to its agenda (election of the Speaker of the Hous
Today at 8:22 am by Rocky
» Parliamentary integrity: Combating corruption requires parliamentary legislation
Today at 8:15 am by Rocky
» Al-Karaawi: America is trying to restrict Iraq
Today at 8:13 am by Rocky
» The State of Law coalition moves to form the local government in Diyala
Today at 8:12 am by Rocky
» The Sudanese and his battle against corruption.. Where is the fault with the government or with the
Today at 8:11 am by Rocky
» Prime Minister's Advisor: We will see the dollar fall on the black market soon
Today at 8:09 am by Rocky
» The Sunni blocs are resolute. The presidency of the Council is ours, away from Al-Halbousi
Today at 8:08 am by Rocky
» Al-Sudani discusses with a workers’ organization his government’s steps in this field
Today at 7:58 am by Rocky
» Parliament holds its session in the presence of 170 deputies
Today at 7:57 am by Rocky
» In the presence of Nechirvan Barzani and Al-Sudani... the State Administration Coalition holds an “i
Today at 7:55 am by Rocky
» The UAE company ADNOC resorts to Iraqi oil. Find out the reasons
Today at 7:53 am by Rocky
» The Iraqi Parliament votes to add an item to elect a president to its agenda
Today at 7:52 am by Rocky
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
Today at 7:51 am by Rocky
» Al-Sudani: It is necessary to attract women to work as a productive energy that cannot be disrupted
Today at 7:47 am by Rocky
» Zebari regarding targeting the Kormor field: a systematic attack on the economy of Kurdistan
Today at 7:46 am by Rocky
» Saudi Arabia tops, and this is Iraq's rank... a list of major suppliers of crude oil to South Korea
Today at 7:45 am by Rocky
» With a value of 125 million dollars.. Iraq is at the forefront of countries importing Iranian textil
Today at 7:44 am by Rocky
» More than a billion dollars in sales from the Iraqi Central Bank within a week
Today at 7:43 am by Rocky
» Al-Sudani stresses the need for the expertise of the International Labor Organization to legislate a
Today at 7:29 am by Rocky
» Including the return of 21 wanted persons.. The Iraq Money Recovery Fund counts its achievements in
Today at 7:27 am by Rocky
» The path to development is the criterion between true patriotism and political clowning.
Today at 7:25 am by Rocky
» The file of the Presidency of Parliament is on the state administration table... this evening
Today at 7:22 am by Rocky
» Director General of the International Labor Organization: Many challenges in the world of work and t
Today at 7:20 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Today at 7:11 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Today at 7:08 am by Rocky
» Al-Asadi: Iraq places the social protection file among its priorities
Today at 7:07 am by Rocky
» Al-Sudani: Iraq is one of the first countries in the region to join the International Labor Organiza
Today at 7:05 am by Rocky
» In the presence of Al-Sudani and Barzani, the State Administration Coalition holds an “important” me
Today at 7:03 am by Rocky
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
Today at 5:29 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Today at 5:28 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Today at 5:24 am by Rocky
» The Parliamentary Development Institute organizes a workshop on the political role of the representa
Today at 5:22 am by Rocky
» With Arab and international participation. Tomorrow will be the start of the Fourth Baghdad Internat
Today at 5:21 am by Rocky
» OPEC Secretary General: The end of oil is not on the horizon
Today at 5:19 am by Rocky
» Closing a number of unlicensed offices and companies south of Baghdad
Today at 5:16 am by Rocky
» Repercussions of the bombing...intensive government movements to resume work in the “Kormor” field
Today at 5:15 am by Rocky
» In the presence of Al-Sudani...the opening of the Arab Labor Conference in its 50th session in Baghd
Today at 5:14 am by Rocky
» Al-Sudani: We are working on drawing future visions regarding the “green and digital” economic secto
Today at 5:13 am by Rocky
» Barzani after the Kormor attack: We are ready to coordinate with Baghdad to put an end to these atta
Today at 5:10 am by Rocky
» Al-Sudani directs the formation of an investigative committee into the circumstances of the Kormo fi
Today at 5:08 am by Rocky
» Bismayah is confused about the new electronic portal.. What about the landlord and the subcontracts?
Today at 5:07 am by Rocky
» Kurdistan Government: Loss of 2,500 megawatts of electricity due to targeting the Kormor field
Today at 5:06 am by Rocky
» Crisis in Kurdistan: 12-hour daily power outage and complaints of “confusion”
Today at 5:05 am by Rocky
» The Supreme Anti-Corruption Commission demands Nineveh for the contracts concluded by “Najm Al-Jubou
Today at 5:04 am by Rocky
» Al-Khanjar, Al-Samarrai, and Abu Mazen are hosted by Shaalan Al-Karim to discuss accelerating the se
Today at 5:03 am by Rocky
» Iraq asks the countries of the world to respond to its requests to extradite wanted persons: We have
Today at 5:02 am by Rocky
» “It is coming soon.” The Sudanese advisor sets the date for the referral of the Baghdad metro and th
Today at 5:01 am by Rocky
» Al-Mubarqa: Iraq reserves its full right to respond to the Australian behavior
Today at 5:00 am by Rocky
» Dollar exchange rates on Iraqi stock exchanges... recorded a decline, and this is the list
Today at 4:58 am by Rocky
» Mr. Al-Sadr supports the position of American university students
Today at 4:56 am by Rocky
» Iraqis are ranked 7th in the Arab world on the list of those most seeking immigration to America. He
Today at 4:55 am by Rocky
» Soon.. 3 new hospitals will open in Baghdad
Today at 4:52 am by Rocky
» Sponsored by Al-Sudani...the opening of the Arab Labor Conference in its fiftieth session in Baghdad
Today at 4:51 am by Rocky
» Al-Shammari chairs a meeting at the controlling headquarters to review the results of the security o
Today at 4:49 am by Rocky
» Arab Labor Organization: We commend Iraq's interest in the Arab Labor Conference
Today at 4:48 am by Rocky
» Al-Sudani: The development road project will provide many job opportunities
Today at 4:47 am by Rocky
» Sudanese advisor criticizes Kuwaiti analyzes regarding the development road project
Yesterday at 2:21 pm by Rocky
» Al-Mandalawi stresses the need to strengthen economic and trade cooperation between Iraq and Poland
Yesterday at 2:04 pm by Rocky
» Power maneuvers: America provides defensive weapons to Kurdistan in exchange for withholding from Ba
Yesterday at 10:26 am by Rocky
» Kuwait is drilling an oil well near Umm Qasr, towards Iraqi territory
Yesterday at 10:24 am by Rocky
» In the document... the first Iraqi ministry identifies the obstacles to changing the new official wo
Yesterday at 10:22 am by Rocky
» Italian Institute: Iraq is stuck in its own crises, including Baghdad’s efforts to undermine the “au
Yesterday at 10:21 am by Rocky
» The head of the Integrity Commission announces the holding of an international Interpol conference i
Yesterday at 10:18 am by Rocky
» Planning: Iraqi companies are not efficient in conducting the population census
Yesterday at 10:14 am by Rocky
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
Yesterday at 8:06 am by Rocky
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
Yesterday at 7:55 am by Rocky
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
Yesterday at 7:45 am by Rocky
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
Yesterday at 7:44 am by Rocky
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
Yesterday at 7:43 am by Rocky
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
Yesterday at 6:57 am by Rocky
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
Yesterday at 6:56 am by Rocky
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
Yesterday at 6:54 am by Rocky
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
Yesterday at 6:53 am by Rocky
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
Yesterday at 6:51 am by Rocky
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
Yesterday at 6:49 am by Rocky
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
Yesterday at 5:09 am by Rocky
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
Yesterday at 5:08 am by Rocky
» Iraq's oil exports rise despite OPEC+ cuts
Yesterday at 5:06 am by Rocky
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
Yesterday at 5:04 am by Rocky
» Al-Araji emphasizes working to strengthen national identity
Yesterday at 5:02 am by Rocky
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh
Yesterday at 5:01 am by Rocky
» Iraq is talking about producing one million additional liters of gasoline
Yesterday at 4:59 am by Rocky
» The Council of Ministers approves the implementation of the Baghdad Metro project
Yesterday at 4:56 am by Rocky
» Minister of Commerce: We formed a joint economic committee with Türkiye
Yesterday at 4:55 am by Rocky
» Resources: Government measures have contributed to improving the water situation in Iraq
Yesterday at 4:53 am by Rocky