Home
Iraq records 4% economic growth, moves towards sustainable diversification
Economic 2024/11/13
[You must be registered and logged in to see this image.]
The 4% growth in the Iraqi economy reflects the beginning of a positive shift towards sustainable economic diversification. According to the International Monetary Fund’s expectations, this growth reflects the country’s efforts to reduce dependence on non-renewable natural resources and shift to an economy that relies on other sectors.
Experts consider the development project initiated by the government to be a qualitative step towards restructuring the national economy. They point out that this project includes developing a strong infrastructure, developing the industrial and agricultural sectors, in addition to attracting foreign and local investments, which will enhance Iraq’s ability to face future economic challenges.
In this context, experts point out that Iraq has already begun implementing some of the recommendations of international conferences, such as the Munich Conference and other economic forums held in Washington and Riyadh, as the government seeks to attract international companies and enhance the role of the private sector in the economy.
The government’s move towards multi-pronged development programs is part of a comprehensive strategy aimed at transforming the Iraqi economy from an economy that relies primarily on oil to a
diversified and sustainable economy.
Development Plan
Economic expert Dr. Adnan Bahiya explained in an interview with "Sabah" that the World Bank in its adoptions for Iraq depends on a large number of important factors, foremost of which is the existence of a development plan for the next five years, which it prepared in a directed way for the development process in Iraq, through which the scattered development trends are limited to one correct direction.
Government Program
Bahiya promised the existence of a government program for the past years and the current year, with the ambition that achieves a large number of accomplishments, foremost of which is working to end the files of stalled projects, as their number has decreased by more than half, noting that this indicator is good for growth.
Economic Process
He noted that the stability of oil prices, even in light of the unstable political and security atmosphere in the Middle East and the world, where prices range between 70 and 80 dollars per barrel, encourages the continuation of the economic process in the country, as the Iraqi economy depends on oil for 95 percent of its capabilities and revenues.
He pointed out that the current policies in the field of combating corruption and returning looted and smuggled funds outside Iraq are important, especially if these funds are used to create an advanced industrial, agricultural and service base that will move the country
in the right direction.
Advanced ranks
Economic researcher Suhad Al-Shammari explained to "Sabah" that the International Monetary Fund reports confirm that Iraq has advanced ranks in the Arab world in terms of expected economic growth, amounting to 4 percent, outperforming Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan and Qatar. "
The right planning
Al-Shammari attributed the reason for this to the role of the state and the current government in proper management and planning to enhance the growth of the economic sector and protect the local market from the economic fluctuations that are sweeping the region, in addition to providing the requirements of the Iraqi citizen from social welfare salaries and a food basket, which made a clear difference in protecting the local market from exchange rate fluctuations. She added that the investment and service projects that began with the government program and directly with the current government by launching them and the international conferences in which it participated, including the Munich and Riyadh conferences, have returned Iraq to the global platform.
Foreign investments
She added that Iraq is an important geopolitical player, possessing the potential to secure foreign investments and joint cooperation between the Iraqi and foreign private sectors, stressing that the country is capable of finding a substitute for oil and has all the solid economic components, as evidenced by the efforts of most countries to contribute to important projects, including the development project, which is a qualitative shift in the Iraqi economy.
[You must be registered and logged in to see this link.]
» Census in the third phase.. Planning: A plan to count Iraqis abroad
» Most of them are foreign transfers.. The Central Bank of Iraq sells about 300 million dollars in the
» With more than 8 billion dollars.. Iraq is the second main destination for Iranian exports
» Parliamentarian: Controversial laws will be postponed to the next legislative session if they are no
» Parliamentary Committee: Plan on Memoranda of Understanding with Neighboring Countries on the Develo
» Health: Contracting with a specialized company to initiate health insurance automation procedures
» Securities Commission: Iraq Stock Exchange Leads Arab Financial Markets
» Reconstruction: Launching plans to establish 11 residential cities in Baghdad and the governorates
» Resources: Iraq's groundwater reserves can fill surface water shortages
» Labor prepares to launch the National Employment Policy
» Explaining the positives of the irrigation fees law in Iraq
» Iraq halts operations at Basra refinery as tanks fill up
» The Private Banks Association signs a cooperation agreement with the University of Frankfurt, German
» An "explosive" increase...more than 680 billion dinars is the cost of developing Baghdad entrances
» End of service bonus paid to more than 6,000 retirees
» Türkiye seeks to increase trade volume with Iraq to $30 billion annually
» Finance confirms the government's keenness to implement reforms to ensure the stability of the natio
» 30 dams for water harvesting
» 90 new projects completed
» Sudanese launches Iduba project
» Al-Fayyadh: We will not allow anyone to cross the borders
» Smart coating to protect oil pipes
» Huge sewerage project in Amara
» Service Effort: Completion of 90 projects by next February
» Labor prepares to launch the National Employment Policy
» Resources for {Sabah}: Iraq’s groundwater storage can fill surface water shortage
» Discussing preparations for the Baghdad International Fair
» Kuran Abdullah: Erbil Food and Agriculture Exhibition witnessed successful trade deals
» Baghdad hosts an economic conference to prevent monopoly
» Trade relations between Iraq and Turkey
» Government Communication to {Sabah}: Electronic payment contributes to strengthening the economy
» The Ministry of Commerce discusses the mechanisms for marketing commercial zero flour and urges bake
» The Minister of Trade heads the Iraqi delegation to the first session of the Iraqi-Turkish Trade and
» Ministry of Interior: Launches SMS service to facilitate communication with customers
» Parliamentary Foreign Affairs Committee stresses the importance of parliamentary diplomacy in streng
» Al-Sudani confirms Iraq's keenness to open partnership horizons with Pakistan
» The Minister of Trade heads the Iraqi delegation to the first session of the Iraqi-Turkish Trade and
» Minister of Finance discusses joint cooperation with World Bank representative in Iraq
» Aleppo Blitzkrieg: Academic Talks About America’s Role in Averting Danger to Iraq
» The Surprise Incident in Syria... Iraq and Iran are two countries at a crossroads: deviation or conf
» Al-Sudani pledges to revive the largest industrial city in eastern Iraq
» Concerns about financial and economic risks.. Reasons for stopping financial transfers to TikTok age
» "Tripartite Measure" Reduces Smuggling in Diyala by 90 Percent
» It will be clear and fixed.. The factions hint at "important" decisions that will be announced soon
» Stability of the dollar exchange rate in Iraq
» Leading to a comprehensive war.. Iraq and Saudi Arabia warn of the danger of expanding the circle of
» New session today, Tuesday, to pass controversial laws under the dome of Parliament
» Iraq plans to build 30 dams to harvest water
» Prime Minister's Advisor: Budget awaits parliamentary amendments to suit government program
» After Parliament failed to pass them yesterday... Will the controversial laws pass today?
» utube 1/2/24 Huge Event Coming: Currency Auction EndingRV/RI by Christmas?Dinar RV Updates [IQD Re
» utube 12/1/24 MM&C MM&C-Iraq Dinar News-Non-Oil Revenue-$62 Billion Investment-Halt Credit Activit
» utube 11/28/24 MM&C MM&C-Iraq Dinar News-Oil & Gas-Projects-Budget 2024 Investment
» Parliamentarian reveals the reason for not holding a parliament session yet
» Al-Sudani: We have 12 companies ready to build many schools
» What's Trump's connection? Bitcoin and Ethereum funds raise $7.6 billion
» China affirms keenness to enhance cooperation with Iraq
» The head of the Central Organization for Standardization and Quality Control conducts a field visit
» Ministry of Justice hosts the first meeting of the National Committee for Implementing the Strategy
» Al-Sudani: The Iraq Development Fund is a new idea for managing the state by empowering the private
» Citizens' appeals.. No electricity, we have returned to "the bowl and the jug" for bathing
» Disagreements over 3 laws threaten parliament session.. MP reveals latest developments
» Al-Sudani stresses to Chinese ambassador the importance of urgent action to end regional crises
» Central Bank of Iraq sells $285 million in auction today
» Stop government loans and advances
» World Bank again lowers its expectations for the growth of Gulf economies for 2024
» Al-Alaq: The monetary situation in Iraq is very excellent and the launch of Riyada Bank is imminent
» OPEC stresses importance of historic Vienna agreement that launched OPEC+ alliance
» Iraq launches first phase of 'Edopa' project to build 600 schools
» Oil Products Company: No appointments to our staff
» National Bank of Iraq rehabilitates Baghdad College Secondary School for Boys
» Agriculture unveils plan to support poultry sector, encourage investment
» Degrees without jobs.. Graduates facing the unemployment crisis
» Keeping real estate records in a secure database
» Al-Alaq to {Sabah}: Our critical position is very excellent
» Al-Sudani: We will confront any threat to our land
» Weighing stations in Babylon
» Ministry of Justice to Al Sabah: Preserving real estate records in a secure database
» Minister of Health to Al Sabah: A national fund for the treatment and rehabilitation of drug addicts
» Parliamentary source: The House of Representatives will hold its session at one o'clock this afterno
» The Ministry of Commerce launches the ration card automation project in Wasit as a first phase
» Closed parliamentary meeting with the Minister of Defense and military leaders
» The Board of Directors of the Iraq Development Fund holds a meeting headed by Al-Sudani
» Parliament session suspended.. MP explains the reason for not reaching political understandings
» President of the Republic to the Syrian Ambassador: We are working to prevent the expansion of the c
» Via Baghdad.. Tehran addresses Washington with a brief message regarding the developments in Syria
» Al-Maliki and Al-Araji stress the importance of continuing security and intelligence efforts on the
» Parliamentary Security: Iraq is affected by what is happening in the Syrian interior, but “the borde
» The Governor of the Central Bank announces the imminent launch of the {Riyada} Bank
» Parliament is discussing the amendment to the budget law with government officials to proceed with i
» The Central Bank aims in the middle of the “Tiktokism of Iraq” front and misses the target: The deci
» MP reveals reasons for postponing parliament session until tomorrow
» Parliamentary demands for official clarification of internet outage in western Anbar amid border ten
» Al-Sudani intensifies his contacts with regional leaders regarding developments in Syria... Army lea
» Events in Syria... Are Iraq approaching the 2014 scenario?
» Al-Sudani and Bazishkian discuss repercussions of security situation in Syria
» Radioactive contamination in Babylon: a silent disaster that threatens lives and the environment
» Iraq calls on the world to hold Israel accountable for its crimes in Palestine and Lebanon