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Specialists urge "diversifying the economy" and activating the private sector
Economical 2023/04/25
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The Emad of the Emirate
The "unilateral economy" has significantly affected the disruption of many productive facilities that are able to support the country's financial budgets, and has led to the paralysis of the industrial, agricultural and tourism sectors and the doubling of unemployment due to the disruption of the role of the private sector, which prompted many economists to demand the diversification of financial resources, and not to maintain Oil as a sole financial resource, stressing the need to implement the provisions of the government platform, which stressed the advancement of the private sector and the activation of non-oil productive sectors.
The economists' visions coincided with assurances made by Prime Minister Muhammad Shia'a al-Sudani, earlier this week, during which he stressed the government's determination to liberate the Iraqi economy from sole dependence on oil and fluctuations in its prices in global markets, by revitalizing the rest of the promising agricultural, industrial and service sectors.
According to the draft general budget law for the current year 2023, the estimated total public revenues amount to 134.6 trillion dinars, of which 117.3 trillion dinars is the volume of oil revenues, which constitute
87% of total public revenues, while non-oil revenues amount to 17.3 trillion dinars, in an image that shows the heavy dependence on oil revenues to feed the country's financial budgets.
The academic and economic researcher, Dr. Abdul Karim Al-Issawi, believes that it is necessary to move towards “diversifying the economy,” through which it is possible to attract foreign and domestic direct investments, move the non-main sectors of the economy, and enable them to contribute to increasing the gross domestic product by large rates of up to 50%, indicating that this “policy is capable of revitalizing investment and creating an appropriate environment for it through legislation and laws that facilitate the entry process for investors.
Al-Issawi pointed out that the government's approach towards diversifying the economy can lead to protecting the national economy from external shocks, as this importance is particularly evident in oil-developing countries, as oil prices in global markets are determined according to the mechanism of supply and demand in addition to a group of political and natural factors. Determining the price of oil is outside the will of the producing and exporting countries, and therefore prices are unstable, up and down, and this is what the global oil markets witnessed when prices fell in 2014 by 55%, and at that time caused a shock to most economies of developing countries.Dr. Al-Issawi continued, economic diversification plans also work to support the industrial sector, which is the main engine of the economy for its pioneering role that it plays in influencing raising the level of production and finding new opportunities for investment, and its prominent role in absorbing labor and eliminating unemployment, pointing out that in order to improve the reality of In order for the national industry to take its role in supporting the economy, the diversification strategy can adopt a set of solutions and measures to develop the industry, including supporting local industrial products through activating trade policy tools, and working to oblige ministries and state institutions to purchase their needs from the products of national industries.
For her part, Dr. Nagham Hussein, Dean of the Faculty of Business Economics at Al-Nahrain University, stated that the policy of economic diversification works to counter fluctuations in oil prices, which in turn leads to fluctuations in the proceeds of oil exports and affects current spending rates of the state's general budget and thus affects the level of GDP growth.
Hussein explained that "the diversification policy works to develop economic integration between the different sectors, and this is done by strengthening the ties between the economic sectors, as well as its ability to adopt concrete measures to support the tourism sector and increase investment in tourism projects," stressing that "these procedures and policies cannot Success without fighting corruption and by creating a safe environment for investment and preventing illegal acquisition of investment contracts and projects.
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