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[size=30]Iraq: Intractable Economic Crises Since 2003[/size]
[You must be registered and logged in to see this image.]3/16/2021 5:24:52 PM3769 Views
Walid Khadduri
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[rtl]Since the occupation of 2003, Iraq has been facing intractable economic crises, one after the other, which led to the deterioration of its economy to minimal levels.In fact, the failure of the economic experience during the past two decades is due to the spread of cancerous corruption, the rule of sectarianism and sectarianism in the capabilities of the rich countries, the domination of parties and militias with foreign agendas, the horrors of terrorists from "Al Qaeda" and "ISIS", and the parliamentary experience that was overshadowed by electoral fraud, and the transformation of The country is into an open battlefield between the United States and Iran.[/rtl]
[rtl]The governments of the past two decades have exploited the main economic source of the country, oil rent, by drawing annual budgets, assuming a continuous increase in oil prices, so they appointed tens of thousands of employees in the state, needing or unnecessary, so the annual budget turned into a treasury to distribute pensions and retirement wages for about 6 to 8 Millions of employees, as the state lost the ability to spend on building the necessary infrastructure, investing in the necessary development projects, and reducing or stopping the system of scholarships for outstanding students to complete their higher education abroad, or even the possibility of paying employees' pensions in some months.The country's economic system has collapsed, unemployment has spread among recent graduates, protests have been repeated, and economic performance and social growth have deteriorated to the ranks of the lowest levels in the world.[/rtl]
[rtl]Hence, the annual budget faces a continuous deficit that cannot be avoided without external debts, and the country is facing a new system that is unprecedented in the modern history of Iraq, from open looting and thefts without accountability, and cities are bombed and bombed from their homes (Mosul) and industrial facilities (infrastructure for the electricity sector). And oil), in the absence of development projects, and the increase in the number of immigrants and displaced persons to several million, along with an increase in poverty and illiteracy rates.[/rtl]
[rtl]The data of the "Economist Intelligence Unit" indicates that the national income output has shrunk 11.2 percent in 2020. Projections for 2021 indicate an additional decline of 1.3 percent, making Iraq "one of the most economically affected countries in the world."Oil rents, the main source of the country's economy, constitute about two-thirds of the national income and 95 percent of the annual budget.Hence, any economic improvement will depend on the rate of oil production and prices.[/rtl]
[rtl]It is expected that the government's priorities during this year will focus on the negative effects of the "Covid-19" pandemic, reforming the financial system and the method of drawing the annual budget, improving the performance of the oil sector and achieving its independence.And there are the early legislative elections for next October, which will be decisive in terms of their transparency and the possibility of reducing and limiting the influence of the religious parties loyal to Iran.The Institute of International Finance, the financial research institution in New York, which includes 450 members from various international institutions from 73 countries, in a recent report, reviewed the challenges facing Iraq, and the conclusions include the following:[/rtl]
[rtl]The decline in oil prices and the shrinking of oil production due to the decisions of the "OPEC Plus" group in 2020, as a result of the closures of the Corona pandemic that imposed long periods of closure, and a lot of confusion for both the Iraqi and global economy.Iraq has been negatively affected by the "Covid-19" injuries, which have recorded very high rates of injuries in the Middle East and North Africa region.[/rtl]
[rtl]Since 2003, Iraq has faced a continuous series of terrorist attacks by various militias.The Al-Kazemi government is trying to find a balance in the conflict between America and Iran over Iraqi lands.There have been some recent attempts to control and pressure the militias affiliated with Iran.There are also parliamentary elections in the second half of this year.However, the problem of lack of transparency and rampant corruption continues, particularly by the dominant parties.[/rtl]
[rtl]The Institute for International Finance report adds that Iraq's economy in 2020 was the worst economic performance for the country since 2003. The expectation is that the country will witness limited economic growth over the next two years, ranging between 1.6 per cent in 2021 and 3.1 per cent in 2022. The expected improvement is due to The possibility of an increase in oil exports and an improvement in prices, compared to 2020. The report of the institute indicates that the current account balance has shifted from a surplus in 2019 to a deficit in 2020, and the state’s financial reserve has also decreased.[/rtl]
[rtl]The governments of the past two decades have exploited the main economic source of the country, oil rent, by drawing annual budgets, assuming a continuous increase in oil prices, so they appointed tens of thousands of employees in the state, needing or unnecessary, so the annual budget turned into a treasury to distribute pensions and retirement wages for about 6 to 8 Millions of employees, as the state lost the ability to spend on building the necessary infrastructure, investing in the necessary development projects, and reducing or stopping the system of scholarships for outstanding students to complete their higher education abroad, or even the possibility of paying employees' pensions in some months.The country's economic system has collapsed, unemployment has spread among recent graduates, protests have been repeated, and economic performance and social growth have deteriorated to the ranks of the lowest levels in the world.[/rtl]
[rtl]Hence, the annual budget faces a continuous deficit that cannot be avoided without external debts, and the country is facing a new system that is unprecedented in the modern history of Iraq, from open looting and thefts without accountability, and cities are bombed and bombed from their homes (Mosul) and industrial facilities (infrastructure for the electricity sector). And oil), in the absence of development projects, and the increase in the number of immigrants and displaced persons to several million, along with an increase in poverty and illiteracy rates.[/rtl]
[rtl]The data of the "Economist Intelligence Unit" indicates that the national income output has shrunk 11.2 percent in 2020. Projections for 2021 indicate an additional decline of 1.3 percent, making Iraq "one of the most economically affected countries in the world."Oil rents, the main source of the country's economy, constitute about two-thirds of the national income and 95 percent of the annual budget.Hence, any economic improvement will depend on the rate of oil production and prices.[/rtl]
[rtl]It is expected that the government's priorities during this year will focus on the negative effects of the "Covid-19" pandemic, reforming the financial system and the method of drawing the annual budget, improving the performance of the oil sector and achieving its independence.And there are the early legislative elections for next October, which will be decisive in terms of their transparency and the possibility of reducing and limiting the influence of the religious parties loyal to Iran.The Institute of International Finance, the financial research institution in New York, which includes 450 members from various international institutions from 73 countries, in a recent report, reviewed the challenges facing Iraq, and the conclusions include the following:[/rtl]
[rtl]The decline in oil prices and the shrinking of oil production due to the decisions of the "OPEC Plus" group in 2020, as a result of the closures of the Corona pandemic that imposed long periods of closure, and a lot of confusion for both the Iraqi and global economy.Iraq has been negatively affected by the "Covid-19" injuries, which have recorded very high rates of injuries in the Middle East and North Africa region.[/rtl]
[rtl]Since 2003, Iraq has faced a continuous series of terrorist attacks by various militias.The Al-Kazemi government is trying to find a balance in the conflict between America and Iran over Iraqi lands.There have been some recent attempts to control and pressure the militias affiliated with Iran.There are also parliamentary elections in the second half of this year.However, the problem of lack of transparency and rampant corruption continues, particularly by the dominant parties.[/rtl]
[rtl]The Institute for International Finance report adds that Iraq's economy in 2020 was the worst economic performance for the country since 2003. The expectation is that the country will witness limited economic growth over the next two years, ranging between 1.6 per cent in 2021 and 3.1 per cent in 2022. The expected improvement is due to The possibility of an increase in oil exports and an improvement in prices, compared to 2020. The report of the institute indicates that the current account balance has shifted from a surplus in 2019 to a deficit in 2020, and the state’s financial reserve has also decreased.[/rtl]
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