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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

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


    International Organization for Migration: Iraqi agriculture has suffered from a recession

    Rocky
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    International Organization for Migration: Iraqi agriculture has suffered from a recession Empty International Organization for Migration: Iraqi agriculture has suffered from a recession

    Post by Rocky Tue 26 Mar 2024, 5:01 am

    International Organization for Migration: Iraqi agriculture has suffered from a recession

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    Land desertification in Iraq



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    Economy News - Baghdad
    The International Organization for Migration, IOM, spoke about several factors and challenges that stand in the way of achieving a stable internal economic recovery for Iraq, including regional and international tensions, increased food prices, and fluctuations in global oil market prices, and their negative impact on the growth and expansion of private sector projects, recommending the need for the country to take strategic solutions. Short and long term solutions to address these challenges.
    The organization stated in its report titled: "Regional instability and economic recovery in Iraq", Iraq, which has suffered from the consequences of decades of wars and battles that took place on its soil, still faces great challenges on its way towards achieving economic recovery and sustainable solutions to the problem of displacement.
    The organization estimates that, as of December 2023, there are still approximately 1.1 million people living in a state of displacement, with five million displaced people returning to their areas of origin. Despite years of progress in this field, many displaced people and returnees are going through difficult living conditions.
    Recent statistics showed that 74% of the displaced in Salah al-Din Governorate and 42% of the returnees lack a stable source of income.
    The same situation applies to Nineveh Governorate, where 77% of the displaced and 62% of the returnees lack a stable source of income.
    The organization points out that most of the displaced and returnees do not have savings to face this circumstance amid the escalation in food prices.
    In Nineveh Governorate, only 14% of displaced families and 22% of returning families reported that they were able to cover unexpected expenses, compared to 18% of displaced families and 23% of returnees in Salah al-Din Governorate.
    The organization states in its report that the country's economy depends mainly on the oil sector, and according to World Bank estimates for the year 2023, the country has witnessed in 2022 a growth in gross domestic product of 7% due to the rise in oil prices and adjustments to production rates.
    However, the non-oil economic sectors, especially the agricultural ones, have suffered from stagnation. Part of this is due to the lack of water resulting from climate change and the chronic gap related to the lack of financing and a lack of infrastructure and public services that hinder competition in private sector projects.
    Small and medium enterprises are responsible for providing most job opportunities in the private sector and one of the growth stimulators for other sectors of the country's economy, but they face important obstacles that prevent them from obtaining the financial resources necessary for their expansion.
    The oil sector constitutes 90% of the state’s imports, in addition to the fact that 38% of the country’s population are employees of the public sector, which, according to the International Labor Organization, is the highest percentage in the world, at a time when the private sector faces bureaucratic obstacles in developing its small and medium enterprises, as unemployment among youth constitutes a percentage 36%.
    Another challenge facing achieving stable economic growth in Iraq is regional and international instability. The international organization indicates in its report that international and regional instability related to the ongoing war in Ukraine and the ongoing war in Gaza would greatly affect the Iraqi economic and commercial scene. These conflicts led to major fluctuations in the global prices of oil and foodstuffs.
    The Commercial Economics Research for the year 2023 indicates that international tensions led to an increase in oil prices, but they negatively affected investment and job opportunities in the regions witnessing these conflicts and in neighboring countries.
    This means that the continuing regional instability will have an important impact on the Iraqi economy and the potential increase in oil revenues, but on the other hand, it will have a more negative impact on the non-oil sectors and a negative impact on foreign investments and private sector projects.
    Another challenge is related to the increase in food prices. The report indicates that inflation increased in Iraq after the period of the Corona pandemic and reached its peak at the beginning of 2023. By the year 2022, the inflation rate in Iraq was 5% and is expected to remain stable throughout 2024, and the increase in global food prices was a major reason for the increase in inflation in Iraq has high import requirements for foodstuffs, and the state of disturbances in the supply chain has increased the prices of goods.
    The third challenge is the volatility of global oil market prices, as both the Gaza crisis and the war in Ukraine had an impact on the global oil market and led to its rise, which increased the oil revenues of producing countries, including Iraq. In previous years, during the Corona pandemic crisis, oil prices witnessed a sharp decline during the year 2020, but prices began to gradually recover in subsequent years. This indicates that there is significant fluctuation in prices, and the fact that the country is vulnerable to these fluctuations affects its budget.
    The organization recommends in its report that Iraq must confront these challenges by developing short- and long-term strategic plans.
    Regarding short-term plans, there should be a focus on mitigating the effects of regional instability on the recovery of the private sector in affected areas that have witnessed large-scale displacement and areas that have witnessed the consequences of climate change on agricultural families, and at the same time it calls on the international community and the government to continue providing support to achieve Sustainable solutions for displaced people.
    With regard to long-term plans, Iraq must focus on plans to diversify the sources of its economy in order to reduce its total dependence on oil while providing a suitable environment for developing the private sector and encouraging investment in small and medium enterprises that will have a contribution to supporting the Iraqi national economy.


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