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Neno's Place Established in 2006 as a Community of Reality


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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


    Warnings against relying on the “rentier economy”: Use effective systems and digital infrastructure

    Rocky
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    Warnings against relying on the “rentier economy”: Use effective systems and digital infrastructure Empty Warnings against relying on the “rentier economy”: Use effective systems and digital infrastructure

    Post by Rocky Thu 19 Sep 2024, 4:41 am

    Warnings against relying on the “rentier economy”: Use effective systems and digital infrastructure - Urgent

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    Baghdad Today - Baghdad
    Today, Wednesday (September 18, 2024), the economic and financial expert, Nawar Al-Saadi, warned of the danger of Iraq continuing with a rentier economy, while providing solutions to overcome the danger of this matter.
    Al-Saadi told Baghdad Today that “the Iraqi economy is considered a rentier economy par excellence, as the state depends on oil revenues to finance its general budget by up to 90%,” indicating that “this type of economy is naturally exposed to severe risk when oil prices fall in global markets, which prompts the government to search for additional sources of income to avoid future financial crises, and imposing taxes is considered a step within the government’s attempts to create new sources of income from non-oil sectors, and this is in line with the reforms that the government has recently proposed with the aim of diversifying the Iraqi economy.”
    He added that "the government's success in implementing these policies remains dependent on the ability to address the main challenges that hinder economic reforms, most notably the widespread corruption in many government sectors, and the bureaucracy that burdens the reform process," stressing that "the government needs to develop effective systems for collecting taxes from new sectors, in addition to providing the necessary digital infrastructure to support this transformation."
    Al-Saadi said, “In the long term, if the government succeeds in overcoming these challenges and develops effective and sustainable strategies to collect taxes from various sectors, it may be able to create sustainable sources of income that help reduce excessive dependence on oil, which contributes to the stability of the Iraqi economy, but it requires strong political commitment and comprehensive institutional reforms to achieve this.”
    Economic expert Nabil Al-Marsoumi confirmed on Wednesday (September 11, 2024) that the fair price of oil is the one that achieves the interests of producers and consumers together.
    Al-Marsoumi said on his Facebook platform, which was followed by "Baghdad Today", that "the fair price of oil is the one that achieves the interests of producers and consumers together, that is, the price that achieves good financial revenues for producers that enable them to return part of it to renewing and increasing oil production capacities."
    He added: "It also enables consumers to obtain oil at reasonable costs that facilitate economic growth in it," explaining: "The price can be determined in the seventies as a fair price for both parties, but when the price falls below $70, it achieves the interests of consumers because it enables them to obtain energy at a cheap cost and thus reduce the prices of production inputs and increase the competitiveness of their produced goods."
    He continued: "But on the other hand, it is harmful to the producing countries because it reduces their oil revenues and discourages investment in developing oil production. Conversely, when the price is $80 and up, this price is harmful to economic growth in the consuming countries and reduces the demand for oil in the long term, even though it achieves large revenues for the oil producing countries."
    Oil prices are witnessing a noticeable decline, especially in futures contracts, which experts believe may affect Iraq’s rentier economy and consequently the state and the citizen.
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