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[size=36]Challenges and crises await the Iraqi economy in 2019[/size]
11:39 - 12/01/2019
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budget of about 108 billion dollars and a deficit of about 19 billion dollars Iraq received a new year, and is expected to approve the House of Representatives this budget in the coming weeks.
The delay in the adoption of the budget because of the incomplete composition of the government and the differences between the political forces on some of its items.
The crises and major problems experienced by the country last year appeared shadows in the new budget, especially the protest movement in Basra and other Iraqi cities and demands for reform and change and fight corruption.
Investment and reconstruction:
Perhaps one of the most significant challenges that experts expect to face the Iraqi economy during this year, the weakness of allocations for investment and reconstruction of cities destroyed by the recent war, says economist and professor at the Faculty of Management and Economics University of Baghdad Hammam al-Shamma.
"Another challenge facing Iraq is the low level of services and infrastructure, especially in the electricity sector," Al-Shamaa said in an interview with Mawazine News.
Al-Shamma'a expects Iraq to witness an electricity crisis next summer that the government's plans have not succeeded in tackling, especially as it imports electricity from Iran and gas to supply power plants, making it the most affected by the suspension of US sanctions on Tehran.
The water crisis is still headed by the lack of investment of water supplies from Turkey or the construction of new dams and the absence of effective measures to address this issue.
With regard to investments - with the exception of oil - the state is still unable to attract foreign capital due to the social and security conditions and the spread of corruption in the joints of the state.
Unless deterrent measures are taken against the corrupt, Iraq will not succeed in convincing foreign companies to enter and work in its territory, in the words of al-Shamma.
Re-economy:
There is not a large atmosphere of optimism in the Iraqi street improved economic conditions, promises are the same as they hear a decade and a half, and crises and problems worsen day after day, although the country enjoys a climate of relative security stability after wars ate green and land.
Economic expert Majid Jawad does not expect Iraq to witness major economic changes this year. The economy is still windy, and the budget is suffering from real problems as a result of slackening and huge government spending.
Jawad calls on the Iraqi government to change economic programs and plans by adjusting fiscal policy while moving production and relying on fair and efficient policies for salaries and taxes.
He believes that the government should seek to shift from the rent to productive economy.
Despite a slight industrial development in 2018 with the move of a number of state companies and the government structure and privatization of 32 of them and delivery to the private sector, the rates are still weak, according to Jawad.
The Iraqi government announced during the past years the launch of a plan for sustainable development divided into three phases ending in 2030, but the expert Majid believes that the first phase, which ended in 2017 did not see the implementation of only 5 to 10% of them, which does not bode well, as he put it.
Debt and Disability
According to many government and parliamentary sources, Iraq's external debt amounted to more than $ 130 billion, and is a candidate for increase, according to the expert at the Institute of Economic Reform in Baghdad Alaa Al Fahad.
Al-Fahad pointed out that the most important challenge facing the government is the implementation of its economic program and development plan, with clear effects in the sectors of services, health and education and reducing high poverty rates and unemployment.
One of the main structural problems in Iraq, according to Fahd, is that its economy is still largely dependent on oil, along with the absence of diversified revenues such as industry and agriculture, ruling out major changes this year.
Al-Fahd said in a press interview that Iraq needs a package of urgent measures, decisions and legislation. The budget is a budget for wages, operating expenses and salaries for state employees. Investment and reconstruction projects are financed by external loans.
Most of the budget revenues were calculated based on the price of a barrel of oil of $ 56, but currently priced at $ 43, increasing the size of the deficit.
Al-Fahad does not expect Iraqi markets to be affected by sanctions on Iran because the country's borders are open in all directions to goods and goods coming from Turkey, Syria, Saudi Arabia, Jordan and elsewhere, in the near absence of local industry.
Ended
m h n
budget of about 108 billion dollars and a deficit of about 19 billion dollars Iraq received a new year, and is expected to approve the House of Representatives this budget in the coming weeks.
The delay in the adoption of the budget because of the incomplete composition of the government and the differences between the political forces on some of its items.
The crises and major problems experienced by the country last year appeared shadows in the new budget, especially the protest movement in Basra and other Iraqi cities and demands for reform and change and fight corruption.
Investment and reconstruction:
Perhaps one of the most significant challenges that experts expect to face the Iraqi economy during this year, the weakness of allocations for investment and reconstruction of cities destroyed by the recent war, says economist and professor at the Faculty of Management and Economics University of Baghdad Hammam al-Shamma.
"Another challenge facing Iraq is the low level of services and infrastructure, especially in the electricity sector," Al-Shamaa said in an interview with Mawazine News.
Al-Shamma'a expects Iraq to witness an electricity crisis next summer that the government's plans have not succeeded in tackling, especially as it imports electricity from Iran and gas to supply power plants, making it the most affected by the suspension of US sanctions on Tehran.
The water crisis is still headed by the lack of investment of water supplies from Turkey or the construction of new dams and the absence of effective measures to address this issue.
With regard to investments - with the exception of oil - the state is still unable to attract foreign capital due to the social and security conditions and the spread of corruption in the joints of the state.
Unless deterrent measures are taken against the corrupt, Iraq will not succeed in convincing foreign companies to enter and work in its territory, in the words of al-Shamma.
Re-economy:
There is not a large atmosphere of optimism in the Iraqi street improved economic conditions, promises are the same as they hear a decade and a half, and crises and problems worsen day after day, although the country enjoys a climate of relative security stability after wars ate green and land.
Economic expert Majid Jawad does not expect Iraq to witness major economic changes this year. The economy is still windy, and the budget is suffering from real problems as a result of slackening and huge government spending.
Jawad calls on the Iraqi government to change economic programs and plans by adjusting fiscal policy while moving production and relying on fair and efficient policies for salaries and taxes.
He believes that the government should seek to shift from the rent to productive economy.
Despite a slight industrial development in 2018 with the move of a number of state companies and the government structure and privatization of 32 of them and delivery to the private sector, the rates are still weak, according to Jawad.
The Iraqi government announced during the past years the launch of a plan for sustainable development divided into three phases ending in 2030, but the expert Majid believes that the first phase, which ended in 2017 did not see the implementation of only 5 to 10% of them, which does not bode well, as he put it.
Debt and Disability
According to many government and parliamentary sources, Iraq's external debt amounted to more than $ 130 billion, and is a candidate for increase, according to the expert at the Institute of Economic Reform in Baghdad Alaa Al Fahad.
Al-Fahad pointed out that the most important challenge facing the government is the implementation of its economic program and development plan, with clear effects in the sectors of services, health and education and reducing high poverty rates and unemployment.
One of the main structural problems in Iraq, according to Fahd, is that its economy is still largely dependent on oil, along with the absence of diversified revenues such as industry and agriculture, ruling out major changes this year.
Al-Fahd said in a press interview that Iraq needs a package of urgent measures, decisions and legislation. The budget is a budget for wages, operating expenses and salaries for state employees. Investment and reconstruction projects are financed by external loans.
Most of the budget revenues were calculated based on the price of a barrel of oil of $ 56, but currently priced at $ 43, increasing the size of the deficit.
Al-Fahad does not expect Iraqi markets to be affected by sanctions on Iran because the country's borders are open in all directions to goods and goods coming from Turkey, Syria, Saudi Arabia, Jordan and elsewhere, in the near absence of local industry.
Ended
m h n
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