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The Central Bank expects the overall growth to rise to 8.9% for the current year.


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The Central Bank expects the overall growth to rise to 8.9% for the current year.

The Central Bank expects the overall growth to rise to 8.9% for the current year.

https://nnciraq-com.translate.goog/121503/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Thursday, 14 April 2022 8:45 PM

Baghdad / National News Center
The World Bank announced today, Thursday, the recovery of the Iraqi economy, while it expected that the overall growth for the current year would rise to 8.9%.

And the World Bank explained in a report, followed by the "National News Center", that "Iraq's economy has begun to gradually recover from the double shocks of the epidemic and the collapse of oil prices," noting that "oil and non-oil growth are on the right track to reach pre-epidemic levels with the increase in oil production. and easing the restrictions of the Corona virus.”
He added, "Financial and external deficits returned to surpluses with the continued rise in oil prices," expecting "the medium-term growth to be driven by the oil sector, with the gradual cancellation of OPEC production cuts."
"The outlook remains subject to significant risks, including uncertainties related to the impact of geopolitical tensions, the ongoing pandemic, security challenges and climate change," the bank stated.
Recent Developments

The World Bank stated in its report that “estimates indicate that the real Iraqi GDP increased by 1.3 percent in 2021, after a sharp contraction of 11.3 percent in 2020,” noting that “the recovery was mainly driven by the non-oil sector, which grew By 6% in 9 months of 2021 year-on-year, supported by the strong performance of the highly telecom sectors including the transportation, accommodation and retail sectors.
Regarding the Iraqi agricultural sector, the bank stated that “this sector shrank by 17.5% and 36.8%, respectively, in the wake of severe drought, power outages and the rise in international prices of inputs during 9 months of a year,” explaining that “the oil GDP shrank by 4% ( on an annual basis) as Iraq adjusted its oil production in accordance with the OPEC agreement, and the general and core inflation rate rose to an average of 6% and 6.6% (on an annual basis) in 2021, respectively, after a 23% currency devaluation in December of 2020 and the recovery gradual domestic demand.
And he indicated that "the shift in the oil markets led to a significant improvement in the economic outlook for Iraq in the medium term," expecting that "the total growth in the current year will reach 8.9% with the end of the OPEC quotas and Iraq's production exceeding the pre-epidemic level of 4.6 million barrels per day."
The World Bank indicated that “growth in the coming years will continue at an average of 3.7% with the moderation of oil production,” expecting that “non-oil GDP growth will converge with the direction of potential long-term growth thanks to increased investments that will be financed through unexpected oil gains. “.

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In numbers.. the World Bank announces the recovery of the Iraqi economy

Earth News / The World Bank announced, today, Thursday, in figures, the recovery of the Iraqi economy, while it expected that the overall growth for the current year would rise to 8.9%.
And the World Bank said in a report, followed by Earth News, that “Iraq’s economy has begun to gradually recover from the dual shocks of the epidemic and the collapse in oil prices,” noting that “oil and non-oil growth are on the right track to reach pre-epidemic levels with increased oil production and easing Corona restrictions.” “.
He added, "Financial and external deficits returned to surpluses with the continued rise in oil prices," expecting "the medium-term growth to be driven by the oil sector, with the gradual cancellation of OPEC + production cuts."
"The outlook remains subject to significant risks, including uncertainties related to the impact of geopolitical tensions, the ongoing pandemic, security challenges and climate change," the bank added.
Recent Developments
The World Bank confirmed in its report that “estimates indicate that the real Iraqi GDP increased by 1.3% in 2021, after a sharp contraction of 11.3% in 2020,” noting that “the recovery was mainly driven by the non-oil sector, which grew By 6% in 9 months of 2021 year-on-year, supported by the strong performance of the highly telecom sectors including the transportation, accommodation and retail sectors.
Regarding the Iraqi agricultural sector, the bank stated that “this sector shrank by 17.5% and 36.8%, respectively, in the wake of severe drought, power outages and the rise in international prices of inputs during 9 months of a year,” explaining that “the oil GDP shrank by 4% ( on an annual basis) as Iraq adjusted its oil production in accordance with the OPEC + agreement, and the general and core inflation rate rose to an average of 6% and 6.6% (on an annual basis) in 2021, respectively, after a 23% currency devaluation in December of 2020. and a gradual recovery in domestic demand.
And he indicated that "the shift in the oil markets led to a significant improvement in the economic outlook for Iraq in the medium term," expecting that "the total growth in the current year will reach 8.9% with the end of the OPEC + quotas and Iraq's production exceeding the pre-epidemic level of 4.6 million barrels per day." .
The World Bank indicated that “growth in the coming years will continue at an average of 3.7% with the moderation of oil production,” expecting that “non-oil GDP growth will converge with the direction of potential long-term growth thanks to increased investments that will be financed through unexpected oil gains

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11 hours ago, 6ly410 said:

In numbers.. the World Bank announces the recovery of the Iraqi economy

The rate has still been 1460 since december 2020 until now. And does 1460 mean recovery of iraqi economy? And the prices of all goods are very pricey and ordinary iraqi citizens can't afford to buy them. Come on iraq and the world bank you've got to be kidding me. Whom are you trying to fool?

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ERBIL, Kurdistan Region - The increase in oil prices and the easing of COVID-19 restrictions has led to a gradual recovery for Iraq’s economy, according to the World Bank’s April update regarding Iraq’s economy, which projects an overall GDP growth of 8.9 percent in the year 2022.

The rise of the coronavirus pandemic accompanied by the drastic fall in oil prices and a case of political deadlock led to a significant economic downfall for Iraq in 2020, which recorded a negative 8.6 percent GDP growth in that year.

A new report from the World Bank states that Iraq has gradually recovered from the recession of 2020, citing more reliance on non-oil economic activities and better oil market dynamics as reasoning. According to the report, in addition to the global surge in oil prices, oil production has also increased in Iraq due to the OPEC+ production quota tapering.

The Organization of the Petroleum Exporting Countries (OPEC) was founded by five states, Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, and has now grown to 13 members. The group controls more than half the world’s oil reserves and has a major influence on global oil prices.
OPEC+ is an alliance formed between members of OPEC along with non-member countries that export crude oil.

“Higher projected oil prices in 2022-2024 are forecast to significantly improve Iraq’s fiscal and external outlook,” the report added.

Iraq scored its highest oil revenue since 1972 during March, bringing in a gross amount of $11.07 billion, with an average of 110.090 dollars per barrel.

The report highlighted the non-oil sector - mainly transport, accommodation, and retail sectors - for the economic rebound, reporting that this sector grew by 6 percent in the first nine months of 2021.

The report also addressed the impact of severe heat and drought on the agricultural sector in Iraq, stating that they have led to a decrease in agricultural production, and have made the country more reliant on imports, as concerns over food security in some parts of the country continue to grow. “Further intensified climate change effects and water shortages will decrease agricultural production,” it warned.

Representative from the United Nations’ (UN) Food and Agriculture Organization (FAO) Salah al-Hajj told Rudaw on Wednesday that the rate of crop failure is expected to increase in Iraq as a result of the lack of rain, and increase in drought, specifically in the Nineveh province.

The report projected a GDP growth of 4.5 percent and an inflation rate of 3 percent for the year 2023 in Iraq.

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World Bank says Iraq’s economy slowly rebounding from 2020

15420221737qq.jpg
 

PM:08:37:15/04/2022

416 View

 

SULAIMANI — The World Bank said Iraq’s economy is recovering from the effects of the pandemic and the collapse of oil prices in 2020 in both oil and non-oil growth.

Th World Bank said in a report published on Thursday (April 14) that Iraq’s economic growth is on the way to reaching pre-pandemic levels because of the increase in oil production, the rise in oil prices and the easing of COVID-19 restrictions.

The report noted Iraq’s average economic growth in 2021 was 1.3 percent after a sharp decline of 11.3 percent in 2020.

The World Bank said the rebound mainly came from the non-oil sector, which increased by 6 percent in 9 months last year, "underpinned by a strong performance of the hight contact sectors including transport, accommodation, and retail sectors.”

Agriculture and construction shrank by 17.5 percent and 36.8 respectively due to drought and energy outages and the growing cost of inputs, according to the report.

In nine months of 2021, "Oil GDP contracted by 4% (y/y) as Iraq adjusted its oil production as per the OPEC+ agreement,” the report stated.

The World Bank concluded its report by stating Iraq’s economic growth is expected to rise to 8.9 percent this year due to improved oil markets and the production of an additional 4,600,000 barrels of oil within OPEC.

(NRT Digital Media)

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This kind of news articles gives confidence to investors.
 

Iraq continues moving forward in the right direction.

 

One day left to RV

 

Go Iraq 
Go diversification of the economy 

Go open market economy 
Go Growth 

Go RV

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1640086536159.jpg
https://shafaq.com/en/Economy/WB-Iraq-s-economy-is-recovering-highest-growth-and-GDP-growth-rates-in-MENA

WB: Iraq's economy is recovering..highest growth and GDP growth rates in MENA

2022-04-16 01:46
 

Shafaq News/ Iraq’s economy is gradually recovering from the twin shocks of the pandemic and collapse in oil prices in 2020, the World Bank (WB) said in its April 2022 report.

"Both oil and non-oil growth are on track to reach their pre-pandemic levels as oil production increases and the easing of COVID-19 restrictions restores domestic economic activity," the World Bank said, "Fiscal and external deficits are back to surpluses as oil prices continue to surge. Growth in the medium term is projected to be driven by the oil sector as OPEC+ production cuts are phased out."

However, according to the report, the outlook remains subject to significant risks including "uncertainties relating to the impact of geopolitical tensions, the ongoing pandemic, security challenges, and climate change."

"Iraq's economy is gradually rebounding following the deep economic strains of the COVID-19 pandemic. Real GDP is estimated to have edged up by 1.3% in 2021, after a sharp contraction of 11.3% in 2020."

The report attributed the rebound to a drive by non-oil sector "which grew by 6% in 9 months of 2021-2021 year-on-year (y/y), underpinned by a strong performance of the high contact sectors including transport, accommodation, and retail sectors."

However, agriculture and construction contracted by 17.5% and 36.8% respectively, following severe droughts, energy outages, and the rising global price of inputs.

 In 9M-2021, oil GDP contracted by 4%(y/y) as Iraq adjusted its oil production as per the OPEC+ agreement. Headline and core inflation edged up to an average of 6% and 6.6%(y/y) in 2021, respectively, following the 23% devaluation in December 2020 and the gradual recovery in domestic demand. 

"The turnaround in oil markets has significantly improved Iraq’s economic outlook in the medium term." 

Overall growth in 2022 is now forecast at 8.9%, the highest in MENA, as OPEC+ quotas end and Iraq’s production surpasses its pre-pandemic level of 4.6 mbpd. But Growth in the outer years is projected to remain modest at 3.7% on average as oil production moderates.

 Non-oil GDP growth is projected to converge to its long-term potential growth trend in part aided by higher investments that would be financed through the oil windfall. However, growth is forecast to remain constrained by the economy’s limited absorptive capacity and other inefficiencies.

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