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Economic vision is a function of reform
Economic 07/23/2024
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If any country's goal is to achieve economic growth that leads to the well-being of society, then a sound economic vision must be available. Who determines it? Certainly those in charge of economic decisions based on consultations with economic experts in the country concerned.
Most emerging (ascending) or rising countries rely in their quest for growth on carrying out economic reforms in sectors where they perceive fragility or weakness.
In order for economic reform steps to be solid and robust, there must be an economic vision to achieve the targeted reforms.
In a simplified definition of the economic vision, it is a strategic economic plan that outlines the required steps according to the available capabilities and adopts priority in choosing sectors with economic returns that create added value and returns that support and enhance the country’s budget. As long as we are in a continuous review of the experiences of countries in various economic fields, as we had previously discussed in two articles the experiences of Turkey and Egypt in facing the challenges facing their economies, which are the same challenges facing most emerging countries, and the goal, as I mentioned previously, is to benefit from these experiences.
If any experiment is successful, it will naturally benefit us in addressing the challenges facing the Iraqi economy. If it does not succeed, I believe that the benefit is deeper and more comprehensive and will help us overcome and avoid the causes and reasons for failure.
In our topic today, which we are discussing, the economic vision is different in title but is consistent in content. The closest experience in our Arab environment is the Saudi experience. The Kingdom’s Vision 20-30 clearly indicates the correct path to achieving reforms in various sectors.
This vision was designed on the basis of diversifying resources (sources of income) in an attempt to get rid of total dependence on oil resources, not by extracting and exporting them as a primary source of income, but by converting them into raw materials for many important industries, creating job opportunities, and building a solid foundation that supports future trends.
The Kingdom's vision also focused on moving towards a green economy to combat climate change and environmental pollution.
Perhaps the most prominent aspect of the vision is the focus on information technology programs and the knowledge revolution, and the focus on supporting and encouraging young people - in the future of jobs - to focus on information and communications technology, artificial intelligence technology, and developing education to graduate skilled, professional, and innovating people.
The results of this vision have begun to appear through coordinated steps and qualitative leaps in various fields, in addition to giving tourism great importance through investing in various activities, including sports. This approach, and I mean building the vision, is the basis for achieving economic reforms, although what we have touched upon is a small part of its contents due to the lack of space in the article.
A tweet by the global economist Talal Abu-Ghazaleh caught my attention in one of his talks, which said (what cannot be measured cannot be managed). Any reform of any sector needs prior planning through studying it, its requirements, and its implementation mechanisms. Then it can be easily managed, and then it means translating the vision into action.
This model experience allows us to call for developing a future vision for the Iraqi economy first, and then begin reforming the sectors according to priorities and importance with executive stages, which means that the economic vision is truly a function of reform when it is coupled with implementation. Otherwise, the vision devoid of action plans or implementation remains nothing more than dreams.
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