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World Bank: Electricity shortage in Iraq limits the growth of the non-oil sector
Shafaq News/ The World Bank confirmed that the lack of electricity in Iraq limits the growth of the non-oil sector, expecting the country's gross domestic product to grow to 8.8 in the current year 2022.
The bank said in a report for the month of June, seen by Shafak News Agency, that "it is expected that the GDP growth in Iraq will reach 8.8% in 2022, driven by the recovery in the oil sector with the gradual lifting of restrictions on production decided by OPEC +."
He added, however, that "the lack of electricity supply, exacerbated by the imbalances in energy imports and the limitations of absorptive capacity, leads to limiting the growth of the non-oil sector."
He pointed out that "Iraq is expected to witness the highest growth in GDP during 2022 for the Arab countries and Iran, at 8.8%, followed by Saudi Arabia with a growth rate of 7%, and then Egypt with 6.1%," noting that "the GDP growth in Iraq will decrease In 2023, it will reach 4.5%, while the highest GDP growth in the region in this period will be for Djibouti, at a rate of 5.2, followed by Egypt at 4.8%, and the GDP growth of Iraq for the year 2024 will decrease to 3%, similar to the rest of the countries in the region.
Iraq suffers from a continuous crisis of power outages despite spending millions of dollars on this sector as a result of rampant corruption in this file, while it is currently importing gas from Iran to feed power stations, which led to the accumulation of debts on Iraq while Iran threatens from time to time By cutting off the gas unless it pays its dues from the supplied gas.
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The bank said in a report for the month of June, seen by Shafak News Agency, that "it is expected that the GDP growth in Iraq will reach 8.8% in 2022, driven by the recovery in the oil sector with the gradual lifting of restrictions on production decided by OPEC +."
He added, however, that "the lack of electricity supply, exacerbated by the imbalances in energy imports and the limitations of absorptive capacity, leads to limiting the growth of the non-oil sector."
He pointed out that "Iraq is expected to witness the highest growth in GDP during 2022 for the Arab countries and Iran, at 8.8%, followed by Saudi Arabia with a growth rate of 7%, and then Egypt with 6.1%," noting that "the GDP growth in Iraq will decrease In 2023, it will reach 4.5%, while the highest GDP growth in the region in this period will be for Djibouti, at a rate of 5.2, followed by Egypt at 4.8%, and the GDP growth of Iraq for the year 2024 will decrease to 3%, similar to the rest of the countries in the region.
Iraq suffers from a continuous crisis of power outages despite spending millions of dollars on this sector as a result of rampant corruption in this file, while it is currently importing gas from Iran to feed power stations, which led to the accumulation of debts on Iraq while Iran threatens from time to time By cutting off the gas unless it pays its dues from the supplied gas.
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