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Iraq and Successful Economies
Economical 2023/07/22
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Yasser Al-Metwally,
with a simple definition, means that successful economies are those countries in which the size of the impact of financial and economic crises is little, and it is almost non-existent in some countries.
Here, the criterion is determined according to countries that are considered emerging, that is, their rapid growth rates in their various economic sectors.
Most of these emerging economies are those that have transformed from their totalitarian system to a free economy and their countries have left the management of productive and economic activities to the private sector. Their impact on the global economy is also small. While countries with developed economies have a large impact when they go through financial or economic crises on the global economy, such as the American, European and Japanese economies.
As for emerging economies, the size of their financial crises will have a much lower impact on the global economy, except for China. If it is exposed to an economic crisis, it affects the entire international environment, given the volume of dealings with China, and we noticed the effects of the Covid-19 (Corona) crisis, how severe its impact was on the global economy.
It is important to mention that the emerging countries are the ones whose growth history is close and not far, and China is among them.
As for the fragile and weak economies, if they are exposed to any crisis, they have no effect on the global economy. Likewise, emerging countries, if one of their countries is exposed, can be pulled out by other emerging countries, with the exception of China, as you indicated.
And the biggest indicator of the exposure of large economies and its impact on the global economy was devastating, as the global financial crisis in 2008 still has its effects remaining and affecting, and it was a lesson that emerging countries benefited from in their dealings, dealings, and self-reliance. Therefore, emerging countries are considered among the successful economies
.
We don't care where Iraq is from these economies? Unfortunately, the Iraqi economy has not been classified as one of the emerging economies, despite its possession of diverse and enormous wealth, but it is not invested properly. The biggest indicator of this is that the distorted balance of payments tends to favor imports at the expense of exports, with the exception of oil exports, which is the secret of the delay in classifying Iraq into emerging countries, which makes Iraq resistant to crises. But here lies the danger and what we always warn about of the risks of price fluctuation because expectations are not often accurate if we take into account the international changes and their economic challenges.
This article is part of our attempts to spread economic culture and benefit from global analyzes and experiences, hoping that our message will reach. When will Iraq be among the countries with successful economies? When reviewing the reality of the productive sectors, relying on their capabilities, and activating the role of the private sector in them.
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