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Experts: Dependence on oil revenues must be stopped
Economical 03/13/2024
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Baghdad: the mainstay of the emirate
Economic affairs specialists urged the government to revitalize the policy and plans to diversify the economy and move it away from unilateral dependence on oil exports. They indicated that following this policy contributes to creating job opportunities that accommodate unemployed workers, activating the private sector, and attracting
foreign investment.
During the past period, Prime Minister Muhammad Shiaa Al-Sudani asked all ministries to submit monthly reports on the revenues generated by each ministry in order to study them and develop the necessary plans to raise them in order to gradually reduce dependence on oil revenues. According to the government’s plans, the financial reforms aim to liberate the economy from sole dependence on oil. And creating real job opportunities
And revitalizing the private sector.
Financial Advisor Dr. Mazhar Muhammad Salih recently identified two directions for the essential features drawn up by the government curriculum in the scope of confronting the unilateralism of the economy and the almost absolute dominance of oil over the management of economic life in the country. The second direction is to spread the effective role of development funds financed by oil revenues.
Academic and economic researcher Dr. Abdul Karim Al-Issawi, speaking to Al-Sabah, believes that economic diversification contributes to attracting direct foreign and local investments, as the diversification policy plays a major role in making the non-major sectors of the economy contribute to increasing the gross domestic product by large percentages of up to 50 percent.
He continued that following this policy requires an appropriate environment through legislation and laws that facilitate the entry process for investors, and thus protect the national economy from external shocks, as this importance is particularly evident in oil-producing developing countries whose main incomes depend on oil prices in global markets according to the supply mechanism. The demand is in addition to a group of political and natural factors.
Al-Issawi stated that the economic diversification policy also contributes to supporting the agricultural sector and achieving development, and aims to support the prices of agricultural products that are used as raw materials for some important industries such as the textile, sugar and vegetable oil industries.
And the canning industry.
In turn, the Dean of the Faculty of Business Economics at Al-Nahrain University, Dr. Nagham Hussein, told Al-Sabah: The policy of economic diversification contributes to confronting fluctuations in oil prices and export earnings that affect the rate of current spending of the general budget, and thus reflects negatively on the level of gross domestic product growth.
She added that the economic diversification policy also works to develop integration and links between different sectors, calling at the same time to adopt concrete measures to support the tourism sector and increase investment in tourism projects, taking into account the fight against corruption by creating a safe environment for investment and preventing illegal acquisition of contracts. And projects
Investment.
Edited by: Ali Mowafaq
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