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Dr.. Haitham Hamid Mutlaq Al-Mansour
After Iraq witnessed a significant expansion in its oil production, a rise in the value of its exports, and a surplus of public financial and external balances since 2021 until now, the decision-maker is still reluctant to take any step that would initiate urgent structural reforms in the path of growth and stability. The Food Security Law is still restricted in implementation for many reasons that we are not concerned with, which impedes the movement of re-pumping oil funds on the right track, due to the presence of many factors that obstruct any process or decision targeting these two goals, the most dangerous of which are on the performance and balance of sectors in the overall economy, The fragility of the structure of the Iraqi economy.
Fragility means the lack of diversity of sources of income in the macroeconomic sectors, as this fragility can be diagnosed in the reality of the Iraqi economy, as it is subject to several factors, among the most important at the current level, the factor of political interactions and conflicts to form the government, from which many financial problems arose, the most dangerous of which is the lack of approval of the budget cumulative factors related to the nature of the economic reality itself and the problems related to its low ability to produce and export and the formation of traditional non-oil capital accumulation , in favor of the oil sector’s control over the income generation processBecause of the inability of the business sector and the financial market to attract investments and do them as necessary since 2003 until now, because of the many problems that the two sectors suffer from, most notably the ineffectiveness of the money market to generate real economic values, and the crowding out factor of the government sector with the private sector, which led to a decrease in the latter’s ability to establish Attracting the necessary investments to promote a diversified production base that can reduce the import dollar payments that cover most of their financial sums from government spending , has caused the erosion of the country’s productive and competitive ability, and weakened an important tool of financial policy in the market economy, which is taxes , which accumulated inflation pressures and reduced The ability of politics to absorb its continuous rises, so the effectivenessThe performance of economic policy fluctuates between these factors, as well as many non-economic factors related to the reality of the administration, the most dangerous of which is the rampant administrative corruption in the joints of public and private institutions for many reasons, the most important of which are the absence of law enforcement, bureaucracy, nepotism and nepotism, as well as non-economic factors that relate to the nature of society and its various institutions and behaviors Its members that work to reduce the value of the return on capital and private investment activity.
All of these factors work in concert to distort the course of achieving the general objectives of the economic policy in its comprehensive sense, and in the absence of structural reforms in the real sector, economic fragility and its many causes will remain a real obstacle to the ability of the Iraqi economy to absorb the potential for growth and stability.
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