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- MONDAY, 08-21-2023,
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The World Bank announced that the Iraqi economy is a fragile economy, and that the country's debt has increased to 152 billion dollars, noting that the central bank auction caused the redirection of hard currency to the parallel market, which led to a decrease in the value of the dinar against the dollar.
The World Bank said in the report issued on the economy in Iraq and its debts, under the title: (Renewed Pressures: Iraq's Recovery is in Danger), 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 it lacks Iraq, under its current government, for wide-ranging structural reforms that would strengthen its economy away from oil.
He stated 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 were accumulated in the wake of the boom in oil prices.
And regarding the policies of the (central bank) in devaluing the local currency, the World Bank stated that "the devaluation of the Iraqi dinar led to an increase in aggregate and basic inflation, due to the heavy dependence on import operations in light of the weak local production that is not supported by 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 auctions for the sale of currency; caused the redirection of hard currency to the parallel market, which caused a decrease in the value 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, which will reach 152 billion." dollars, 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 total debt.
According to the bank, “the prospects for the economic future in Iraq are still exposed to great risks, due to 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 fundamental challenges.” economy, such as rampant corruption, poor service provision, 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."
And the World Bank announced at the end of last year - during the period of the government of Mustafa Al-Kazemi - that [You must be registered and logged in to see this link.] is witnessing a great growth that reached 10.5 percent, while referring to the increase in the productivity of the non-oil sector in Iraq.
In June 2023, the World Bank expected that real GDP growth for Iraq would decline by 1.1% during the current year 2023.
The Noon News Agency reviewed a table issued by the bank - at the time - during which it expected [You must be registered and logged in to see this link.] by 1.1% during the year “2023”, noting that “Iraq’s gross domestic product witnessed an increase in 2021 and 2022, by 1.6% and 7%. Consecutively - (during the government of former Prime Minister Mustafa Al-Kazemi) - after it was declining by 12% in 2020.
The World Bank schedule also showed an expectation that Iraq's gross domestic product would rise again in the next year 2024 and 2025 by 6% and 3.7%, respectively.
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