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The World Bank Paints A Bleak Picture Of Iraq's Economic Future
On October 1, 2020
On October 1, 2020
The Independent / - The World Bank confirmed that Iraq is now witnessing the worst growth performance in annual gross domestic product since the year 2003, between: “Corruption, instability and lack of job opportunities are among the risks surrounding the country's long-term growth.”
A bank report stated that " [You must be registered and logged in to see this link.] . After nearly two decades since the 2003 war, the country is still stuck in the reality of fragility, and is facing an increasing state of political instability, mounting social unrest, and an increasingly deep gap between the state and the citizen."
The report added, “In the midst of a number of crises (including the decline in oil prices, the Corona pandemic, and recent protests), in addition to the accumulation of the effects of weak economic policies, the absence of reforms and the inability to address corruption, Iraq is now witnessing the worst growth performance in the annual GDP ( GPD) during the year 2020 since the fall of Saddam’s regime in 2003 ″.
"Lack of stability, lack of job opportunities, corruption and poor service delivery remain among the most important risks surrounding the country's long-term growth."
The path to reform is difficult
The World Bank stated that “with every crisis there appears an opportunity for reform, but Iraq's path towards reform will be difficult and uncertain. If we take into account the current oil prices and the continuing decline in global oil demand due to the Corona pandemic, the country will face difficulty in meeting the needs of its people in the long term. Short ”.
He added, "But Iraq can embark on a long road, but the need for it is urgent, towards structural transformation and reform, which is a path that may make its economy less dependent on oil and move it more, by private sector activity."
He pointed out: “The path towards reform requires more determination and may face many challenges that exist for a long time to change the status quo.
The World Bank suggested strategic paths through which Iraq could be liberated from the reality of fragility, and where peace and stability could create the right conditions for citizens to achieve their aspirations, create jobs in the private sector, and achieve prosperity.
[You must be registered and logged in to see this link.]
A bank report stated that " [You must be registered and logged in to see this link.] . After nearly two decades since the 2003 war, the country is still stuck in the reality of fragility, and is facing an increasing state of political instability, mounting social unrest, and an increasingly deep gap between the state and the citizen."
The report added, “In the midst of a number of crises (including the decline in oil prices, the Corona pandemic, and recent protests), in addition to the accumulation of the effects of weak economic policies, the absence of reforms and the inability to address corruption, Iraq is now witnessing the worst growth performance in the annual GDP ( GPD) during the year 2020 since the fall of Saddam’s regime in 2003 ″.
"Lack of stability, lack of job opportunities, corruption and poor service delivery remain among the most important risks surrounding the country's long-term growth."
The path to reform is difficult
The World Bank stated that “with every crisis there appears an opportunity for reform, but Iraq's path towards reform will be difficult and uncertain. If we take into account the current oil prices and the continuing decline in global oil demand due to the Corona pandemic, the country will face difficulty in meeting the needs of its people in the long term. Short ”.
He added, "But Iraq can embark on a long road, but the need for it is urgent, towards structural transformation and reform, which is a path that may make its economy less dependent on oil and move it more, by private sector activity."
He pointed out: “The path towards reform requires more determination and may face many challenges that exist for a long time to change the status quo.
The World Bank suggested strategic paths through which Iraq could be liberated from the reality of fragility, and where peace and stability could create the right conditions for citizens to achieve their aspirations, create jobs in the private sector, and achieve prosperity.
[You must be registered and logged in to see this link.]
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