World Bank: Iraqi economy is slowly recovering
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Economy News - Baghdad:
The World Bank announced that the Iraqi economy is slowly recovering in 2019.
"In the first half of 2019, GDP grew by 4.8% compared to the previous year, which led to a reversal in the contraction of the economy over the past two years," the World Bank said in a report on Iraq seen by the Economy News. .
He added that this growth comes as a result of the increase in crude oil production (up to 6.3% so far) and the recovery in non-oil economic activity, an increase of 5.6% in the first half of 2019 compared to last year.
He stressed that "the recent recovery is due to improved levels of rainfall and the production of record agricultural crops and improved electricity production and expansionary fiscal policy linked to increased wage bill and public consumption."
"Such positive developments are expected to raise real GDP growth to an estimated 4.6% by the end of the year," he said.
He pointed out that "the Iraqi economy outperformed its counterparts in the region this year, but the dynamics of the population requires much higher growth to maintain the current level of prosperity.