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Parliamentary industry: GDP growth is evidence of the health of the economy
The first 2023/06/12
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Raghad Dahham
After the positive indicators of the economic growth of Iraq, which ranked sixth in the world in 2022 in terms of GDP growth among the countries of the world, there is a real glimmer of hope regarding the return of the Iraqi economy to the ranks of developed countries one day.
A member of the Parliamentary Economy, Industry and Trade Committee, Briar Rashid, considered that Iraq's occupation of the sixth rank in the world's highest developed country with its domestic product is a positive matter, indicating that his committee is seriously seeking to approve the industrial investment law.
Rashid added, in an interview with "Al-Sabah", that once the legislative recess ends, the committee will begin its duties in presenting the draft law to the vote, because of its importance in supporting the local product and the Iraqi economy in general.
Experts had warned of the so-called "resource curse", which is attributed to mismanagement of oil revenues and is globally linked to slow economic growth.
In this regard, economist Basem Jamil Antoine told Al-Sabah: The increase in the growth of the domestic product in Iraq came as a result of the rise in oil prices and has nothing to do with the industrial or agricultural sectors in it, because they did not witness growth.
Antoine added that it is not possible to rely too much on an economic recovery dependent on oil prices, explaining that economic nourishment is achieved by achieving success in the agricultural and industrial sectors and any non-oil sector.
The economist added that the Iraqi economy is still rentier, and therefore any global demand for energy leads to higher prices, which leads to economic growth, and on the contrary, growth decreases.
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