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IMF expects Iraq's economy shrinking 2.7% in 2014
The current economic slowdown comes after GDP growth of 4.2 percent in 2013
International Monetary Fund forecast a contraction of Iraq's economy by 2.7 percent this year, the first contraction since 2003, after organizing Daash dominated the vast expanses of Iraq, one of the major oil-exporting countries.
Showed regional economic outlook for the IMF that the current economic slowdown comes after GDP growth of 4.2 percent in 2013, which was the weakest rate since 2007. However, this proportion remains small when compared with the drop output by 41.4 percent in 2003, when the mystery-led coalition United States to overthrow the country's regime of Saddam Hussein.
The IMF said that the conflict has led to the expected Iraqi oil production growth ceased to fall slightly to 2.9 million barrels per day, while the amount of exports remain 2.4 million barrels per day, close to last year's level.
Fund "It is also likely that the decline of GDP, compared with the non-oil growth of more than seven percent in 2013 in light of the fighting, which undermines confidence and disrupt fuel and electricity supply and increases the trade and distribution costs and reduce investments."
However, the IMF projected growth accelerated again to 1.5 percent in 2015 with support from the rise in oil production, but cut its forecast for crude production in the long term to 4.4 million barrels per day in 2019 from 5.6 million barrels per day forecast in May.
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The current economic slowdown comes after GDP growth of 4.2 percent in 2013
International Monetary Fund forecast a contraction of Iraq's economy by 2.7 percent this year, the first contraction since 2003, after organizing Daash dominated the vast expanses of Iraq, one of the major oil-exporting countries.
Showed regional economic outlook for the IMF that the current economic slowdown comes after GDP growth of 4.2 percent in 2013, which was the weakest rate since 2007. However, this proportion remains small when compared with the drop output by 41.4 percent in 2003, when the mystery-led coalition United States to overthrow the country's regime of Saddam Hussein.
The IMF said that the conflict has led to the expected Iraqi oil production growth ceased to fall slightly to 2.9 million barrels per day, while the amount of exports remain 2.4 million barrels per day, close to last year's level.
Fund "It is also likely that the decline of GDP, compared with the non-oil growth of more than seven percent in 2013 in light of the fighting, which undermines confidence and disrupt fuel and electricity supply and increases the trade and distribution costs and reduce investments."
However, the IMF projected growth accelerated again to 1.5 percent in 2015 with support from the rise in oil production, but cut its forecast for crude production in the long term to 4.4 million barrels per day in 2019 from 5.6 million barrels per day forecast in May.
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