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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Moody's downgrades Iraq's economic strength by two points to "ba2"

    Rocky
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    Moody's downgrades Iraq's economic strength by two points to "ba2" Empty Moody's downgrades Iraq's economic strength by two points to "ba2"

    Post by Rocky Thu 20 Jul 2023, 6:38 am

    Moody's downgrades Iraq's economic strength by two points to "ba2"

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    Economy News-Baghdad
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    Moody's announced the downgrade of Iraq's economic strength to "ba2", and said that this assessment balances the size of the economy and the abundance of natural resources with the instability and turmoil of economic growth, weak infrastructure, and the economy's lack of diversification.
    The Foundation said, in a research paper that provides an annual analysis of Iraq's credit worthiness, and was seen by Al-Iqtisad News, that the final assessment decreased by rating Iraq's economic strength by two points from the level of "baa3", which reflects the damage to the country's productive capacity and infrastructure over several years of Armed conflicts, which weakened the competitiveness and resilience of the economy, impeded its ability to grow at a faster rate, and impeded diversification outside the oil and gas sector.
    Moody's also indicated that Iraq's economy is heavily dependent on the oil sector, which accounted for 45% of nominal GDP in 2021.
    Moody's also expected that the country would not be able to return to the levels of economic output that prevailed before the Corona pandemic before 2024, despite the current recovery of the economy, and despite Iraq having one of the largest economies in the Middle East and North Africa region with a nominal GDP of 264 billion. dollars in 2022.
    She said that the growth of the economy is very sensitive to oil production and prices, expecting it to decline sharply in 2023.
    While Moody's estimates the growth of the Iraqi economy last year by 8.1%, supported by an increase in crude oil production by 12.7% to about 4.5 million barrels per day. It expected the economy to grow at a slower rate than that in 2023-2024, with stable oil production rates and weak growth rates in the non-oil sector. It indicated that oil export revenues last year amounted to $115.6 billion (representing 44% of the gross domestic product), an increase of 53% over the previous year's level.
    The Foundation expects real GDP growth in Iraq to decline to less than 2% this year, despite the possibility of a recovery in the non-oil sector supported by public spending until 2024.
    Iraq will voluntarily reduce its oil production by 211,000 barrels per day, from May until the end of 2024, in accordance with OPEC agreements in April and May.
    The country's oil exports were also disrupted in the second quarter of this year due to the disruption of a pipeline between the ports of Kirkuk and Ceyhan, which transported oil field exports from northern Iraq to Turkey.


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