Al-Amiri identifies the reasons for the transformation of the Iraqi economy into a “rentier” and warns against the repetition of “judgments and mistakes”
Al-Amiri said in a speech during the “Soft Power and its Impact on Iraq” conference, which was held today in the capital, Baghdad, that “the real reasons that made us a unilateral economy, with great regret or rentierism, as expressed, is our failure to follow scientific methods to reach solutions to these problems.”
He added, "Today, we have no choice, frankly. We worked hard and erred, and this is enough. What is required at the present time is that we resort to the practical research method to reach solutions to many problems, including food security."
Iraq's economy is characterized as a rentier consumer economy that depends entirely on the proceeds of selling oil, which is the main source of the country's general budget.
And the Iraqi state’s continuation of relying on oil as the only source of the general budget makes Iraq at risk of global crises that occur from time to time due to the impact of oil on it, which makes Iraq turn every time to cover the deficit through borrowing from abroad or inside, which thus indicates the inability to manage Effectively state funds, and the inability to find alternative financing solutions.
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