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Expectations of the Iraqi economy to shrink and the budget deficit to exceed 29%

rocky
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Expectations of the Iraqi economy to shrink and the budget deficit to exceed 29% Empty Expectations of the Iraqi economy to shrink and the budget deficit to exceed 29%

Post by rocky on Sat 09 May 2020, 2:22 am

[size=36]Expectations of the Iraqi economy to shrink and the budget deficit to exceed 29%[/size]

Political | 10:05 - 09/05/2020

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Baghdad - Mawazine News
The World Bank expected, on Saturday, the Iraqi economy to shrink and the budget deficit to rise to 29%.
According to the report, it is expected that "the country's GDP growth rate will shrink during the year 2020 by 9.7%, registering a decrease from a positive growth rate achieved in the year 2019 by 4.4%, which makes it the country's worst annual economic performance since 2003."
The report pointed out that "with the previous conditions of Iraq and entering this current crisis, it limited its ability to address the economic and social impact and mitigate it resulting from the drop in oil prices, and reduce the share of production and turmoil caused by the embargo measures related to the HIV epidemic."
His report stated that "the economy of the public sector of the country that relies entirely on oil, hindered the creation of job opportunities in the private sector. Moreover, the growing resentment towards the lack of services and the increase in corruption and lack of job opportunities are all still present, in addition to the political stalemate over Forming a new government. "
"Financial regulation and diversification of the economy through a broader contribution to the private sector are vital to reducing Iraq's vulnerability to external shocks," said Sarju Kumar Juha, regional director of the World Bank for the Mashreq region.
He adds, "The presence of targeted reform and a program to promote growth would help maintain the reconstruction efforts and maintain the positive developments achieved in the electricity and agricultural sectors over the past year," noting that "
The report indicated that "if oil prices stabilize below $ 30 a barrel, and no reform measures are taken, the budget deficit will exceed 29% of GDP for 2020, and that the total financing needs will reach $ 67 billion (more than 39% of GDP) Total)".
The World Bank stated that, "According to this situation, the financing options will be limited, and the heavy reliance on local financing can affect the liquidity available for private sector credit, and weaken the budget of the Central Bank of Iraq, thereby creating pressures on financial inflation and the rate of selling the currency", / Guest: "At the same time, the possibility of access to global markets may prove difficult, taking into account the conditions of the global market and the weakness of the Iraqi economy system."
The report included "highlighting the importance of digital transformation for Iraq and the urgent need behind it," noting that "the benefits from the active digital economy are very huge, and upgrading the digital economy will help Iraq improve economic opportunities, especially for young people, and thus meet the demands of citizens."
He pointed out that "the digital transformation of the Iraqi economy will require economic reforms and long-term development priorities, as well as a digital economic framework with several axes that include providing access to a high-speed Internet, providing digital management services, improving access to information, and developing youth skills in technology science." Ended 29 / A 43


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rocky
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Expectations of the Iraqi economy to shrink and the budget deficit to exceed 29% Empty World Bank: Expectations of the Iraqi economy’s contraction and budget deficit exceeding 29%

Post by rocky on Sat 09 May 2020, 2:48 am

World Bank: Expectations of the Iraqi economy’s contraction and budget deficit exceeding 29%

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[rtl]Baghdad / Nina / The World Bank expected, on Saturday, the Iraqi economy to shrink and the budget deficit to rise to 29%.

According to a report of the bank, it is expected that "the rate of growth of the country's gross domestic product during the year 2020 will shrink by 9.7%, recording a decrease from a positive growth rate achieved in the year 2019 of 4.4%, which makes this the worst annual economic performance of the country since 2003."

The report pointed out that "with the previous conditions of Iraq and entering this current crisis, it limited its ability to address the economic and social impact and mitigate it resulting from the drop in oil prices, and reduce the share of production and turmoil caused by the embargo measures related to the HIV epidemic."

The report stated that “the public sector economy of a country that is totally dependent on oil has hindered the creation of job opportunities in the private sector. Moreover, the growing resentment about the lack of services and the increase in corruption and lack of job opportunities are all still present, plus the political stalemate over Forming a new government. "

"Financial regulation and diversification of the economy through a broader contribution to the private sector are vital to reducing Iraq's vulnerability to external shocks," said Sarju Kumar Juha, regional director of the World Bank for the Mashreq region.

He adds, "The presence of targeted reform and a program to promote growth would help maintain the reconstruction efforts and maintain the positive developments achieved in the electricity and agricultural sectors over the past year," noting that "

The report indicated that "if oil prices stabilize below $ 30 a barrel, and no reform measures are taken, the budget deficit will exceed 29% of GDP for 2020, and that the total financing needs will reach $ 67 billion (more than 39% of GDP) Total)".

The World Bank said, "According to this situation, the financing options will be limited, and the heavy reliance on local financing can affect the liquidity available for private sector credit, and weaken the budget of the Central Bank of Iraq, thereby creating pressures on financial inflation and the rate of selling the currency," adding : "At the same time, the possibility of access to global markets may prove difficult, taking into account the conditions of the global market and the weakness of the Iraqi economy."

The report included "highlighting the importance of digital transformation for Iraq and the urgent need behind it," noting that "the benefits from the active digital economy are very huge, and upgrading the digital economy will help Iraq improve economic opportunities, especially for young people, and thus meet the demands of citizens."

He pointed out that "the digital transformation of the Iraqi economy will require economic reforms and long-term development priorities, as well as a digital economic framework with several axes that include providing access to a high-speed Internet, providing digital management services, improving access to information, and developing the skills of young people in technology science." / End 8[/rtl]


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Expectations of the Iraqi economy to shrink and the budget deficit to exceed 29% Empty The World Bank Expects: Iraq's GDP will shrink by 9.7%, the worst annual performance since 2003

Post by rocky on Sat 09 May 2020, 4:38 am

The World Bank Expects: Iraq's GDP will shrink by 9.7%, the worst annual performance since 2003
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The World Bank expected Iraq’s GDP to shrink by 9.7% in 2020, down from the positive growth rate of 4.4% achieved in 2019, registering the worst annual performance since 2003, while noting that its estimates indicate that this year's budget deficit will exceed 29% of GDP and total financing needs will reach 67 billion US dollars (more than 39% of GDP), according to a new report by the bank that highlighted some of the macroeconomic policy challenges facing the country.
And the World Bank, in a statement on its official website, quoted a report of the Iraq Economic Observatory - Spring 2020 titled "Sailing in a Storm (Again) - Recent Economic Developments and Policies", which Al-Mirbad saw, that the conditions already existing in pre-crisis Iraq will limit its ability To manage and mitigate the economic and social effects of low oil prices, reduce oil production quotas, and the obstacles created by isolation measures to counter the outbreak of the Covid 19 virus (Corona), since the Iraqi economy’s heavy dependence on oil and the broad role of the public sector in economic and commercial activities This hinders the creation of jobs that are needed in the private sector for the majority of the youth. Moreover, the growing public discontent with poor service delivery, rampant corruption, and job shortages is still present, and has even been associated with the political stalemate.
For his part, the World Bank's regional director for the Mashreq Department, Saroj Kumar Jha, considered the unsustainable stimulus package that has been launched since last October - including increasing public sector employment, reducing the retirement age, and various financial transfers - along with weak oil revenues, is expected to It has harmful financial implications. In the event that oil prices stabilize within the low $ 30 limits and no reform measures are taken, then the World Bank estimates that the budget deficit will exceed 29% of GDP in 2020, and total financing needs will reach $ 67 billion America J (more than 39% of GDP).
In this situation, financing options may be limited. The heavy dependence on local finance will reduce the liquidity available to private sector credit and weaken the balance sheet of the Central Bank of Iraq, which creates pressure on inflation and the exchange rate. At the same time, access to international markets may be difficult given the global market conditions and the weak macroeconomic framework for Iraq.
He added that controlling the financial situation and economic diversification through increasing the participation of the private sector are of the utmost importance to reduce the vulnerability of Iraq to external shocks. The adoption of a program directed towards reform and promoting growth would contribute to the sustainability of the reconstruction efforts and maintain the positive improvements achieved in my sectors Electricity and agriculture during the past year. Such a program is essential to create the jobs young people need and help restore the confidence of Iraqi citizens.
However, it is necessary for Iraq to embark on a comprehensive economic reform agenda that looks towards the future in order to enable the private sector towards driving growth and creating diversity and employment opportunities. Such a program can be based on two pillars - the first is to address the comprehensive obstacles to diversification led by the private sector through financial sustainability and economic governance, financial sector reforms, business environment reforms, and improving human capital outcomes, as well as social protection and labor system reforms, The second: improving governance and enhancing private sector participation in selected production sectors such as agriculture, food industries, electricity and gas.
The Iraqi Economic Observatory report also included a special section that highlights the importance of the digital transformation of Iraq and the urgent necessity that lies behind it. The advantages of a strong digital economy appear to be many, and harnessing this economy will help Iraq improve economic opportunities, especially for its youth, and thus respond to citizens ’demands. The digital transformation of the Iraqi economy requires long-term economic reforms and development priorities that cover the five pillars of the digital economy’s framework of ensuring high-speed Internet access at a reasonable cost, achieving widespread adoption of non-cash payments, providing digital government services, improving data access, and raising the skills of young people from By providing them with technological expertise and expanding the digital ecosystem for entrepreneurship, the recent adoption of innovative digital solutions in the fight against the HIV / Covid epidemic 19 around the world is an example of how important and urgent E digital transformation.

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