[size=48][You must be registered and logged in to see this image.]
Baghdad: Muhannad Abd al-Wahhab
Fears that the country's economy will be damaged by the Federal Reserve's readiness to end cheap financing and raise interest rates on the dollar in the first half of next year have dissipated.
These concerns are real, for countries that import oil and have short-term debt in dollars such as Egypt, Turkey, Pakistan and some poor African countries, which will suffer from a shortage of dollar liquidity.
On the other hand, economic analyzes published by international newspapers expected that countries such as Iraq will witness an increase in imports as a result of the rise in the dollar’s interest rate, due to its selling oil and natural gas at a higher price in the US currency, as well as paying the import bill in high dollars and buying from low-currency markets, such as China and countries South Asia.
This optimism was justified by the economist Bassem Antoine, explaining that the Iraqi funds deposited in the US Federal Bank are invested with interest that increases annually, and not “frozen money”, noting that Iraq has banking agreements with the United States and its balances will attract international investment. Antoine expressed his optimism about the future of the Iraqi economy, in conjunction with the rise in the price of a barrel of oil and the increase in revenues, noting that this rise exceeded the media intimidation about the Corona virus and the new mutated Omicron, and the 2023 budget will be free of deficit due to a surplus of funds.
Economist Osama Al-Tamimi agreed with this optimism, noting that Iraq has agreements to protect its money in the US Federal Bank, pointing out that if the United States feels any danger to its interests from Iraq, it is natural to take steps to protect these interests. Al-Tamimi explained that the existence of a strong, solid and balanced economy that works on self-sufficiency is difficult to achieve today, because the whole world is working jointly and integratively to paint a complete picture of the economy, calling for the success of the Iraqi economy by reducing the percentage of importers and increasing export rates.
Al-Tamimi pointed out that Iraq is characterized by many different economic capabilities due to its geographical location and its high capabilities at the level of metallic ores and oil.
Iraq is ranked ninth in the world in natural resources, not to mention the agricultural and tourism potentials of all kinds, and geography as an important corridor linking the continent of Asia to northern Europe.
Al-Tamimi called for the establishment of an economic council, similar to the Judicial Council, away from politics, run by specialists with modern thinking capable of drawing future plans for the development of the Iraqi economy.
Disclaimer: All published articles represent the opinion of its authors only[/size]
[You must be registered and logged in to see this link.]