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.

Join the forum, it's quick and easy

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

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The World Bank: The prospects of the Iraqi economy are at risk due to excessive dependence on oil

    Rocky
    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 273240
    Join date : 2012-12-21
    • Post n°1

    The World Bank: The prospects of the Iraqi economy are at risk due to excessive dependence on oil Empty The World Bank: The prospects of the Iraqi economy are at risk due to excessive dependence on oil

    Post by Rocky Sun 20 Aug 2023, 6:46 am

    The World Bank: The prospects of the Iraqi economy are at risk due to excessive dependence on oil

    [You must be registered and logged in to see this image.]



    [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]


    Economy News-Baghdad
    The World Bank said that the Iraqi economy suffers from stagnation in non-oil gross domestic product, industries, and agricultural activities, which was accompanied by high inflation rates, as Iraq lacks under its current government; for large-scale structural reforms to strengthen its economy away from oil.
    The World Bank stated in the report issued on the economy in Iraq and its debts, under the title: (Renewed Pressures: Iraq's Recovery is in Danger), seen by "Al-Iqtisad News", that the annual budget approved by the government authorities is witnessing a significant increase in the volume of public expenditures by 59% over The previous year, which represents 74.3% of total spending, which will lead to a large fiscal deficit of 51.6 trillion Iraqi dinars - equivalent to 39.7 billion dollars - which represents 14.3% of the volume of public imports, more than half of the recent record reserves that accumulated in the wake of The boom in oil prices.
    Regarding the policies of the (central bank) in devaluing the local currency, the World Bank reported that the devaluation of the Iraqi dinar led to an increase in overall and basic inflation. Due to the heavy reliance on imports in light of the weak domestic production that is not supported by the government authorities, which exposed the country's fragile economy.
    The World Bank report added that the standards of transactions adopted by the (Central Bank) through currency auctions; It caused the redirection of hard currency to the parallel market, which caused the devaluation of the dinar against the dollar.
    According to the World Bank, Iraq's lack of diversification of income sources - due to the chaotic policies of successive governments - led to a contraction of the gross domestic product by 1.1% in 2023 and an increase in the country's public debt to reach 58.3%, after it was 53.8% in the previous year, i.e. it will reach 152 billion. dollars, with an increase of $10 billion, while the total external debt amounted to $50 billion, and the internal debt amounted to $102 billion, which means that government authorities borrowed about $60 billion internally in the previous three years, at a rate of $15 billion annually, with annual interest on internal debts amounting to 16 to 17% of the debt volume.
     According to the bank, the prospects for the economic future in Iraq are still subject to great risks. Because of the excessive dependence on oil, which makes it vulnerable to shocks in oil markets and global demand, as evidenced by the recent decline in oil prices, in addition to the factors driving fragility that pose basic challenges to the economy, such as widespread corruption, poor service delivery and infrastructure development, and security risks.
     The World Bank added that the continuation of government authorities in pursuing these policies will make the country's budget in favor of the political parties that have delayed the wheel of development and made it suffer from major imbalances despite the passage of two decades of allegations of the end of the war.


    Views 11
    Added 08/20/2023 - 2:28 PM
    [You must be registered and logged in to see this link.]
    • Back to top
      Current date/time is Sun 07 Jul 2024, 12:20 pm