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World Bank: Iraq’s economy will shrink by 7.5% in 2020


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 money and business


Economy News _ Baghdad

Experts predicted Standard Chartered Bank, on Saturday, that the Iraqi economy faces a contraction in gross domestic product for 2020 by 7.5 percent, as a result of signing the agreement (OPEC +) and the Corona pandemic that hit the country.

The British bank, which belongs to the London-based multinational banking and financial services company, had previously forecast a 2.1 percent growth in Iraq.

The British Bank builds its forecasts for the Iraqi economy based on its oil exports, local currency exchange rates against the dollar and non-oil imports.

In a study on the economy after the Corona pandemic, the bank said, "We now expect Iraq’s GDP to shrink by 7.5 percent in 2020 against our previous growth forecast of 2.1 percent."

"Our classification (for the Iraqi economy) is based on both the signing of the OPEC agreement + and the deeper recession in the non-oil sector in light of the turmoil related to Corona, as well as the social unrest," he said.

And the British bank raised its expectations regarding the deficit of the financial account and the current account to 13 percent and 11 percent of the gross domestic product after it had previously expected it to be 10 percent and 8 percent, respectively, for the (OPEC +) agreement.

Standard Chartered suggested that Iraq would face difficulties in facing the prolonged decline in oil prices without external support, pointing out that this means that the country may return to borrowing from the International Monetary Fund.

The bank’s report indicated that borrowing now for Iraq is not possible, and linking an agreement with lenders with the formation of a new government in Iraq.


Number of views 2   Add Date 04/25/2020

 
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All economies around the world will shrink in 2020 iraq is not the exception.

IMF forecast an economic growth of 7.2% for Iraq in 2021

 

Thanks for the post yota.!

 

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I just saw a post made by one of the gurus on another site. He was saying that there are trillions of dinar and there’s no way it could revalue to one to one. Well... how many trillions in valuations have been lost in the last couple months? These central bankers can do whatever they want. What’s to stop them from taking in trillions in dinar, converting to whatever they want, and making the dinar worth two dollars or whatever they want? They can play with the supplies and values and conversions however they want to.....am I way off base?

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45 minutes ago, TOMINVEGAS said:

I just saw a post made by one of the gurus.

He was saying that there’s no way it could revalue to one to one.
 

.....am I way off base?


No, Ur Fine TomInVegas - But The Guru Was Probably Off His Meds ! :o 

 

 

However, Since Ur In Vegas - I’d Probably Bet The Under ...

 

 

And Then Double Down On It ...

 

:D  :D  :D 

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Economy News _ Baghdad

Ramzi Numan, the representative of the World Bank in Iraq, confirmed on Tuesday that the bank is ready to provide possible support and restructure the loans granted to Iraq, in a way that contributes to protecting the vulnerable segments of society.
A statement of the Ministry of Planning and received by "Al-Iqtisad News" said that Minister of Planning Nuri Sabah Al-Dulaimi received today at his office the resident representative of the World Bank in Iraq Ramzi Numan and his accompanying delegation. novel coronavirus. 
The statement added that during the meeting, the minister appreciated the level of support provided by the World Bank mission to the efforts of the Iraqi government, calling for the restructuring of international support provided to Iraq according to the priorities of the current health and economic conditions, indicating the measures adopted by the ministry to mitigate these consequences at the immediate and medium levels, and to provide An integrated vision to address the future repercussions that the crisis will produce, represented by the high rates of poverty and unemployment, as a result of the economic downturn, declining growth rates, and low gross domestic product.
He pointed out that he announced the inclusion of governorates (Al-Diwaniyah, Maysan, Dhi Qar, Wasit, Baghdad, Anbar, Diyala and Sulaimaniya) in the Social Fund for Development project supporting the Ministry's strategic plans for poverty alleviation, bringing the total of the included governorates to 11 governorates after including the governorates of Muthanna and Salah Religion, and Dohuk) last year, confirming adding the remaining governorates over the next year.
For his part, the resident representative of the World Bank in Iraq praised the efforts of the minister and the quick measures taken by the Ministry of Planning to face the repercussions of the current crisis, stressing the readiness of the World Bank to provide possible support and restructuring of loans granted to Iraq, and in such a way as to protect the vulnerable segments of society.


Number of views 34   Date added 04/28/2020

 
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The World Bank confirms its readiness to restructure the loans granted to Iraq

The World Bank confirms its readiness to restructure the loans granted to Iraq
During the reception of the Iraqi Minister of Planning, Nouri Al-Dulaimi, the Resident Representative of the World Bank in Iraq, Ramzi Numan, and the accompanying delegation
 April 28, 2020 03:18 PM

Direct: The Iraqi Minister of Planning, Nuri Sabah Al-Dulaimi, received today, Tuesday, the resident representative of the World Bank in Iraq, Ramzi Numan, and the accompanying delegation.

During the meeting, according to a statement of the Ministry of Planning, a number of issues of common concern were discussed, and ways of strengthening national efforts facing the emerging coronavirus pandemic.

Noaman stressed, according to the statement, the World Bank's readiness to provide possible support and restructuring of the loans granted to Iraq, in a way that contributes to protecting the vulnerable segments of society.

The resident representative of the World Bank in Iraq praised the quick efforts and measures taken by the Ministry of Planning to face the repercussions of the current crisis.

For his part, the Iraqi Minister of Planning drew to the level of support provided by the World Bank mission to the efforts of the Iraqi government, calling for the restructuring of international support provided to Iraq according to the priorities of the current health and economic conditions.

Al-Dulaimi explained the measures adopted by the Ministry to alleviate these consequences at the immediate and medium levels, and to provide an integrated vision to address the future repercussions that the crisis will produce, represented by the high rates of poverty and unemployment, as a result of the economic downturn, the decline in growth rates, and the decline in gross domestic product.

The Minister announced that the governorates of Al-Diwaniyah, Maysan, Dhi Qar, Wasit, Baghdad, Anbar, Diyala and Sulaimaniya were included in the Social Fund for Development project supporting the Ministry's strategic plans to reduce poverty, bringing the total of the 11 governorates included to the provinces (Muthanna, Salahuddin). Dohuk last year.

The minister revealed the addition of the remaining governorates during the next year 2021.

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Iraq doesn't want it restructured, they want it forgiven. Heck they never intended to pay those loans back anyway so if the WB can write these loans off that will expedite the applications for new loans...rinse an repeat. The circus continues. 

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On 4/25/2020 at 4:43 PM, Laid Back said:

All economies around the world will shrink in 2020 iraq is not the exception.

IMF forecast an economic growth of 7.2% for Iraq in 2021

 

Thanks for the post yota.!

 

 

That is guaranteed not a forecast that accounts for an increase in wealth.

 

:twocents:

 

On 4/25/2020 at 11:10 PM, TOMINVEGAS said:

I just saw a post made by one of the gurus on another site. He was saying that there are trillions of dinar and there’s no way it could revalue to one to one. Well... how many trillions in valuations have been lost in the last couple months? These central bankers can do whatever they want. What’s to stop them from taking in trillions in dinar, converting to whatever they want, and making the dinar worth two dollars or whatever they want? They can play with the supplies and values and conversions however they want to.....am I way off base?

 

Nothing.

 

:twothumbs: 

 

On 4/28/2020 at 7:36 AM, DoD said:

Iraq doesn't want it restructured, they want it forgiven. Heck they never intended to pay those loans back anyway so if the WB can write these loans off that will expedite the applications for new loans...rinse an repeat. The circus continues. 

 

Agreed. They have always angled towards the "poor us" side of the conversation.

 

The amusing thing is, after they RV even to ten cents, their debt is so tiny they will giggle about it and still haggle for forgiveness. 

 

None of that matters - it's all talk. When they are ready to pull the trigger, they will, and we will be on the right side of that one.

 

:twothumbs:  

 

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2 minutes ago, Adam Montana said:

That is guaranteed not a forecast that accounts for an increase in wealth.

Thanks for your input Sir,!

I want an increase in wealth too 💵💰💵💰👍🏼😉

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21 minutes ago, Adam Montana said:

 

That is guaranteed not a forecast that accounts for an increase in wealth.

 

:twocents:

 

 

Nothing.

 

:twothumbs: 

 

 

Agreed. They have always angled towards the "poor us" side of the conversation.

 

The amusing thing is, after they RV even to ten cents, their debt is so tiny they will giggle about it and still haggle for forgiveness. 

 

None of that matters - it's all talk. When they are ready to pull the trigger, they will, and we will be on the right side of that one.

 

:twothumbs:  

 

Iraq has has many windows of opportunity to advance and increase the future quality of their country’s potential as well as their citizens quality of life, but instead they seem to have been content to sit with the “poor bugger me” attitude and squabble internally with corruption beyond imagination while the rest of the world it seems has picked up the tab for all their needs. . However in these uncertain times they will have to increase their own wealth and potential and stand on their own two feet because every other Countries coffers will be extended fully looking after those within their own borders .

i wish they would pull the trigger and get on with it. 

JMO 

Edited by NoviceInvestor
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  • 2 weeks later...
 
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Economy News _ Baghdad

On Saturday, the World Bank expected the Iraqi economy to shrink and the budget deficit to rise to 29%.
According to the report, it is expected that "the country's GDP growth rate will shrink in the year 2020 by 9.7%, registering a decrease from a positive growth rate achieved in 2019 of 4.4%, which makes it the country's worst annual economic performance since 2003."
The report pointed out that "with Iraq’s past conditions and its entry into this current crisis, it has limited its ability to address the socioeconomic impact and mitigate it resulting from the drop in oil prices, reduce the production share and the turmoil caused by the embargo measures related to the Coruna virus."
And his report stated that "the public sector economy of the country that is totally dependent on oil has hindered the creation of job opportunities in the private sector. Moreover, the growing resentment about the lack of services and the increase in corruption and lack of job opportunities are all still present, in addition to the political stalemate over Forming a new government. "
"Financial regulation and diversification of the economy through a broader contribution to the private sector are vital to reducing Iraq's vulnerability to external shocks," said Sarju Kumar Juha, regional director of the World Bank for the Mashreq region.
He adds, "The presence of targeted reform and a program to promote growth would help maintain the reconstruction efforts and maintain the positive developments achieved in the electricity and agricultural sectors over the past year," noting that "
The report indicated that "if oil prices stabilize below $ 30 a barrel, and no reform measures are taken, the budget deficit will exceed 29% of GDP for 2020, and that the total financing needs will reach $ 67 billion (more than 39% of GDP) Total)".
The World Bank stated that, "According to this situation, the financing options will be limited, and the heavy dependence on local financing can affect the liquidity available for private sector credit, and weaken the budget of the Central Bank of Iraq, thereby creating pressures on financial inflation and the rate of selling the currency", / Guest: "At the same time, the possibility of access to global markets may prove difficult, taking into account the conditions of the global market and the weakness of the Iraqi economy system."
The report included "highlighting the importance of the digital transformation for Iraq and the urgent need behind it," noting that "the benefits resulting from the active digital economy are very huge, and upgrading the digital economy will help Iraq to improve economic opportunities, especially for young people, and thus meet the demands of citizens."
He pointed out that "the digital transformation of the Iraqi economy will require economic reforms and long-term development priorities, as well as a digital economic framework with several axes that include providing access to a high-speed Internet, providing digital management services, improving access to information, and developing the skills of young people in technology science."

 
 
Number of views 32   Add date 09/05/2020
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Parliamentary Economy: Iraq will bear $ 90 billion in domestic and foreign debt

Economy | 02:22 - 05/10/2020

 
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Baghdad - Mawazine News
, a member of the Parliamentary Economic Committee, Hamid al-Moussawi, confirmed on Sunday that Iraq will bear 90 billion dollars in domestic and foreign debt.
Moussawi said in an interview televised I followed / scales News /, that "Iraq is burdened with internal and external debt and the government of Abdul - Mahdi tried to repay some of them , " pointing out that this debt amounted to $ 38 billion is an internal debt and 52 external debt. "
He added," The new government 's return The loans will burden Iraq and Iraq may be unable to pay it, and external borrowing can solve the economic crisis, but it will generate future crises. ”End / 29 / p

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