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November 24, 2022[You must be registered and logged in to see this link.]
Baghdad / Obelisk: Oil revenues still constitute the main and highest source of supply for the treasury of the Iraqi state, despite calls to diversify sources of national income, and they still constitute about 96 percent, which is the same percentage for the past six months, which indicates that the rentier economy is the basis in Iraq's general budget.
Because of this, any collapse in the oil market will lead to the collapse of the Iraqi dinar, and this may lead to a catastrophic economic crisis, causing the depletion of foreign reserves in the Central Bank of Iraq, the disappearance of the ration card and the suspension of the salaries of the social protection network, according to the economist, Nabil decree.
Political analyst Jaber Al-Haidari says that Iraq is a rentier country that depends mainly on the sale of oil in order to live, although it has all the capabilities to become an industrial and agricultural country.
The media, Russell Al-Khafaji, commented on Twitter, saying: Iraq was able to occupy the fourth largest Arab economy and 47th in the world by relying on oil only, so what if it took advantage of all its geographical and tourism potentials and natural resources?
The academic, Sarah Al-Samarrai, believes that after years, developed countries will depend on bioenergy, the sun, and artificial intelligence, and Iraq will remain on oil only.
Iraq has been suffering since 2003 from the deterioration of the sectors of industry, agriculture and tourism. The efforts of previous governments did not succeed in reforming these sectors due to the great extent of the damage that befell them.
The average annual revenues that Iraq needs to achieve a good balancing agreement on operational and investment expenses is approximately $90 billion annually, most of which is achieved from the sale of crude oil, as Iraq annually exports more than one billion barrels of crude oil, and the price of a barrel controls the amount of annual revenues for Iraq.
The follower of Iraqi affairs, Mahdi Almas, talks about the continuation of the rentier economy, evidence of the failure of the Iraqi state. Every year, the number of state employees increases and reliance on the rentier economy instead of developing the private sector and reducing the percentage of workers in the public sector to liberate the economy from salary restrictions, indicating that the percentage of employees In Iraq, it reaches 18% of the population.
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