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[size=30]10 “scary” results.. What would happen if Iraq had no oil?
2022-11-22
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Yes Iraq: Baghdad
Oil expert and economist Nabil Al-Marsoumi reviewed today, Tuesday, 10 “terrifying” results if Iraq were without oil.
Al-Marsoumi said, in a clarification seen by “Yas Iraq”, that “an Iraq without oil means a decrease in the gross domestic product by two-thirds, the complete disappearance of Iraqi exports, an Iraqi budget of no more than 10 trillion dinars, a complete cessation of government investment, the floating of the dinar and the collapse of its exchange rate to Catastrophic levels due to the depletion of foreign reserves in the Central Bank, the disappearance of the ration card, a massive rise in inflation levels, a significant rise in electricity and fuel prices, a significant deterioration in the purchasing power of those with fixed incomes, and an unprecedented rise in poverty and unemployment levels.
And Al-Marsoumi added, "Oil covers all Iraqis, not just employees and retirees," noting that "the defect and imbalance is in not employing part of the oil revenues in diversifying and developing the economy to prepare for the post-oil phase."
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