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IMF: Oil to bring Iraq’s overall GDP growth to 10 percent in 2022


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 2022-04-10 01:49
 

Shafaq News/ Iraq ranked 52nd globally and fourth in the Arab world among the largest countries in GDP for the year 2022, according to the American "CEOWORLD" magazine for statistics.

The magazine said in a report seen by Shafak News Agency that "the five largest economies in the world according to the nominal GDP measure are the United States, China, Japan, Germany and the United Kingdom, and that these top five countries constitute more than half of the world's economic output by GDP in value Nominal," noting that "the global gross domestic product is $95 trillion as of 2022."

And she added, "The nominal gross domestic product of the United States, which came first in the world, amounts to 24.79 trillion dollars in 2022, and China is the second largest economy in terms of nominal GDP, reaching 18.46 trillion dollars, while Japan has the third largest economy in the world with a total GDP. It amounts to $5.38 trillion, the German economy is the fourth largest in the world with a GDP of $4.5 trillion, and the UK economy is the fifth largest in the world with a GDP of $3.44 trillion.

And she indicated that "Iraq ranked 52 globally and fourth in the Arab world, as the nominal gross domestic product of Iraq during the year 2022 is about 226 billion, and 620 million dollars," and it is expected that "this output will rise during the year 2023 to 239 billion, 993 million dollars, and to 251 One billion and 504 million dollars in 2024, and it will reach 277 billion and 850 million dollars in 2026.

According to the report, "Arably", Saudi Arabia came first and ranked 19th globally with the largest GDP, as it will reach in 2022 about 876 billion and 148 million dollars, followed by Egypt second and 33rd globally with 438 billion and 348 million dollars, followed by the United Arab Emirates third and 35th globally with a 427 billion and 930 million dollars, and then Qatar comes fifth and 57th globally, at 180 billion and 883 million dollars.

Gross Domestic Product is the monetary market value of all final goods and services manufactured within a country during a specified period.

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Economy News _ Baghdad

 Iraq ranked 52 globally and fourth in the Arab world among the largest countries in GDP for the year 2022, according to the American "CEOWORLD" magazine for statistics.

 

The magazine said in a report seen by "Economy News", that "the five largest economies in the world, according to the nominal GDP measure, are the United States, China, Japan, Germany and the United Kingdom, and that these top five countries constitute more than half of the world's economic output by GDP." The total in nominal terms," noting that "the global GDP is $95 trillion as of 2022."

 

And she added, "The nominal gross domestic product of the United States, which came first in the world, amounts to 24.79 trillion dollars in 2022, and China is the second largest economy in terms of nominal GDP, reaching 18.46 trillion dollars, while Japan has the third largest economy in the world with a total GDP. It amounts to $5.38 trillion, the German economy is the fourth largest in the world with a GDP of $4.5 trillion, and the UK economy is the fifth largest in the world with a GDP of $3.44 trillion.

 

And she indicated that "Iraq ranked 52 globally and fourth in the Arab world, as the nominal gross domestic product of Iraq during the year 2022 is about 226 billion, and 620 million dollars," and it is expected that "this output will rise during the year 2023 to 239 billion, 993 million dollars, and to 251 One billion and 504 million dollars in 2024, and it will reach 277 billion and 850 million dollars in 2026.

 

According to the report, "Arably", Saudi Arabia came first and ranked 19th globally with the largest GDP, as it will reach in 2022 about 876 billion and 148 million dollars, followed by Egypt second and 33rd globally with 438 billion and 348 million dollars, followed by the United Arab Emirates third and 35th globally with a 427 billion and 930 million dollars, and then Qatar comes fifth and 57th globally, at 180 billion and 883 million dollars.

 

Gross Domestic Product is the monetary market value of all final goods and services manufactured within a country during a specified period.

 
 
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 2022-04-16 03:12
 

 

Shafaq News / The World Bank expected, on Saturday, that Iraq will rank first in the Arab world with the largest growth in GDP and per capita for the year 2022.

And the bank stated, in a report for the month of April, seen by Shafak News Agency, that "Iraq's gross domestic product may grow during the current year by 8.9%, surpassing the rest of the Arab countries, including Qatar, which is expected to witness a growth of 4.9%, Saudi Arabia 7% and Kuwait 5.7 %, UAE 4.9%, Algeria 3.2%, Egypt 5.5%, Jordan 2.3%, and Morocco 4.3%.

The report added, "The growth of Iraq will decline in 2023, but it will also remain higher than the rest of the Arab countries, except for Egypt," noting that "the growth of Iraq's GDP will be 4.5%, similar to Qatar, and it will rise in Egypt to reach 5%, and Saudi Arabia will have 3.8%." Kuwait 3.6%, Algeria 1.3%, Tunisia 3.5% and Jordan 2.3%.

The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3%, while the per capita growth in Saudi Arabia will be 5.5%, Kuwait 4.5%, Bahrain 1.4%, and Egypt 3.6% Qatar will drop by 4.5%, while Morocco will decrease by 0.1%.

According to the report, the bank’s experts predicted that “the growth of the Middle East and North Africa region will be 5.2% in 2022, after recording a 3.3% recovery in 2021.

The World Bank also expected that the per capita GDP growth rate in the region would rise to 3.6% in 2022, after recording a recovery of 1.7% in 2021.

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5 hours ago, Laid Back said:

Sooner than later Iraq GDP will be reflected in their currency.

 

Go Iraq 🇮🇶 

Go reforms 

Go growth 

Go GDP

Go stronger dinar 1+

Tomorrow RV brother ? 😀

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Iraq is able to increase GDP

Monday 18 April 2022 59Iraq is able to increase GDP

 
 Baghdad: Mustafa Al-Hashemi
 
At a time when the World Bank expected Iraq to rank first in the Arab world with the largest growth in GDP and per capita for the year 2022, an economic specialist said that Iraq is able to increase this percentage, and increase the per capita GDP after the steps taken by the government towards the sector private.
The gross domestic product is defined as the production value of the final goods and services achieved during the year, or it is the sum of the added values of the resident producers during the year. The development of national income and the development of income will lead to an improvement in the level of social welfare.
The expert in economic affairs, Hassan Haider, told "Al-Sabah" that "Iraq is able to increase these numbers by double rates if it makes good use of the conditions surrounding it and the resources it possesses in an ideal way."
Haidar stressed that "the first of these steps is to open up to the private sector and make it a real partner in development, as well as amending some legislation and enacting laws to equal wages and guarantee for all workers in the private sector, similar to their counterparts in the public sector."
And the World Bank, in its report for the month of April, indicated that "Iraq's GDP may grow this year by 8.9%, surpassing the rest of the Arab countries, including Qatar, which is expected to witness a growth of 4.9%, Saudi Arabia 7%, Kuwait 5.7%, and the UAE 4.9 Algeria 3.2%, Egypt 5.5%, Jordan 2.3%, and Morocco 4.3%.
According to the data issued for the year 2020, the gross domestic product of Iraq is 167.2 million dollars, while the average per capita GDP at current prices at the dollar price is approximately 6 thousand dollars during the year 2021, up from the year 2020, in which it amounted to 4.2 thousand dollars, and that The average per capita share will be close to what was recorded in 2019.
The report added, “The growth of Iraq will decline in 2023, but it will also remain higher than the rest of the Arab countries, except for Egypt,” noting that “the growth of Iraq’s GDP will be 4.5%, similar to Qatar, and it will rise in Egypt to reach 5%, and Saudi Arabia will have 3.8%.” Kuwait 3.6%, Algeria 1.3%, Tunisia 3.5% and Jordan 2.3%.
The World Bank report indicated that “Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3%, while the per capita growth in Saudi Arabia will be 5.5%, Kuwait 4.5%, Bahrain 1.4%, and Egypt 3.6% Qatar will drop 4.5%, while Morocco will decrease 0.1%.
According to the report, the bank’s experts estimated that “the growth of the Middle East and North Africa region will be 5.2% in 2022, after recording a 3.3% recovery in 2021.
The World Bank also expected that the per capita GDP growth rate in the region would rise to 3.6% in 2022, after recording a recovery of 1.7% in 2021.
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Baghdad - people  

The World Bank expected Iraq to rank first in the Arab world with the largest growth in GDP and per capita for the year 2022, as indicators confirm that Iraq has achieved a very promising and positive percentage regarding recovery from all the recent crises that faced the world, such as the spread of the Corona pandemic, and low oil prices.   

  

 

  

Economic growth  

Economic growth is one of the most important economic indicators, and it is defined as the sum of values added to all production units operating in the different branches of production in a particular economy, such as agriculture, mining and industry.  

  

The added value of a given unit of production represents the difference between the value of the total production of that unit and the value of intermediate goods and services consumed in that production.  

  

Economic growth is also defined as a positive change in the level of production of goods and services in a country in a certain period of time, and therefore economic growth means - in general - an increase in income for a particular country.  

  

Economists at the World Bank expect, according to its report, published this April, that the “Middle East and North Africa region will grow by 5.2% in 2022 after recording a 3.3 % recovery in 2021, and the expected growth rate for 2022 is the fastest since 2016. The recovery appears to be uneven among different categories of countries. Oil-exporting countries are expected to grow by 5.4% thanks to the recovery from the pandemic, the expected increase in oil production and higher oil prices."  

  

According to the report, “Oil importing countries are expected to grow by 4%, which is reinforced by the expected high growth in Egypt, while the recovery momentum is slowing significantly compared to 2021 in most other oil importing countries, due to the expected increase in import bills of goods.” food and primary energy commodities.  

  

According to the report, "Iraq's GDP may grow during the current year by 8.9%, surpassing the rest of the Arab countries, including Qatar, which is expected to grow by 4.9%, Saudi Arabia 7%, Kuwait 5.7%, UAE 4.9%, Algeria 3.2%, Egypt 5.5% and Jordan 2.3% Morocco is 4.3%.  

  

The report added, "The growth of Iraq will decline in 2023, but it will also remain higher than the rest of the Arab countries, except for Egypt."Noting that "Iraq's GDP growth will be 4.5%, similar to Qatar, and it will rise in Egypt to 5%, and Saudi Arabia will have 3.8%, Kuwait 3.6%, Algeria 1.3%, Tunisia 3.5%, and Jordan 2.3%."  

  

The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3%, while the per capita growth in Saudi Arabia will be 5.5%, Kuwait 4.5%, Bahrain 1.4%, and Egypt 3.6% Qatar will drop by 4.5%, while Morocco will decrease by 0.1%.  

  

The World Bank also expected that the per capita GDP growth rate in the region would rise to 3.6% in 2022, after recording a recovery of 1.7% in 2021.  

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inflation  

The term inflation is usedTo describe a number of different cases such as :  

  

Excessive rise in the general level of prices .  

Inflation of money income or an element of money income such as wages or profits .  

- High costs .  

Excessive creation of cash balances .  

  

According to the report, "the inflation rate actually rose earlier this year due to the mismatch between high demand, arising from the easing of pandemic-related restrictions, and continued supply disruptions."  

  

He added, "Since the start of the war in Ukraine, the global inflation rate has risen due to a sudden restriction in the commodity market, especially in oil and food commodities. The conflict has caused many previous bouts of high inflation in the Middle East and North Africa."  

  

The World Bank expects that "the region's inflation rate will rise above 2021 levels in most of the economies of the Middle East and North Africa."  

  

According to the report, the inflation rate in Iraq in 2020 was 0.6%, but it rose to 6% last year, and the World Bank expects the inflation rate to be 3% during the current year and the next.  

  

Iraq ranks fourth in the Middle East and North Africa region, in terms of the inflation rate for 2021, after Iran, Algeria, and Tunisia.  

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Corona and vaccines  

  

In its report, the World Bank considered that the Covid-19 vaccination index is one of the new factors through which it can assess the current and future economic situation for countries around the world.   

  

The report stated, "Vaccines are an effective tool in building immunity against the Corona virus. About 11 billion vaccines have been vaccinated around the world, with high vaccination rates in high-income countries. However, it contrasts with low-income countries and countries experiencing fragility, conflict and violence, Including more than half of the developing countries in the Middle East and North Africa, where vaccination rates are reported to be less than 35% or no reliable vaccination data available.Evidence from South Africa and the United States shows that vaccines reduce both hospitalization and mortality rates Either, which helps to stabilize the economy and helps reduce medication inside hospitals, and does not make it burdensome.”  

  

He added, "Immunization rates - the percentage of the population who have received the full set of vaccinations - varies widely within the MENA region. Although the Gulf Cooperation Council countries have some of the highest vaccination rates in the world, vaccination rates in developing countries in the region do not It is still much lower than countries with similar income levels. These stark disparities are evident in the vaccination rate of 94% in the UAE and the vaccination rate of 1.1% in Yemen as of early February 2022, and countries such as Algeria and Iraq have only vaccinated about 15%.  

  

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To view the full World Bank report, click here  

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Iraq is the first in GDP growth.. A statement from the Finance regarding the World Bank report
 

Baghdad - people   

The Ministry of Finance announced, on Wednesday, the growth of Iraq's gross domestic product by 8.9%, while noting that it achieved the first rank at the level of Arab countries.   

 

And the ministry stated in a statement that “Nass” received a copy of it, (April 20, 2022), that “the World Bank expected a growth in Iraq’s gross domestic product during the current year by 8.9%, exceeding by this the rest of the Arab countries, including Qatar, which is expected to witness a growth of 4.9% Saudi Arabia 7%, Kuwait 5.7%, UAE 4.9%, Algeria 3.2%, Egypt 5.5%, Jordan 2.3%, and Morocco 4.3%.  

  

The bank's report added that "the growth of Iraq will decline in 2023, but it will also remain higher than the rest of the Arab countries, except for Egypt," noting that "the growth of Iraq's GDP will be 4.5%, similar to Qatar, and it will rise in Egypt to reach 5%, and Saudi Arabia will have 3.8% Kuwait 3.6%, Algeria 1.3%, Tunisia 3.5% and Jordan 2.3%.  

  


The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3%, while the per capita growth in Saudi Arabia will be 5.5%, Kuwait 4.5%, Bahrain 1.4%, and Egypt 3.6% Qatar will drop by 4.5%, while Morocco will decrease by 0.1%.  

  

According to the bank’s report published by the Ministry of Finance, “experts in the bank praised the positive steps taken by the Iraqi government through the Ministry of Finance in its corrective measures for the fiscal policy and for the structure of the Iraqi economy in general, in addition to its adoption of an intensive package of measures and plans with a medium and long impact in the face of the repercussions of the phenomenon of inflation and high Global prices and the consequences of the Corona pandemic.   

  

According to the report, the bank’s experts also predicted that “the growth of the Middle East and North Africa region will be 5.2% in 2022, after recording a 3.3% recovery in 2021.”   

  

The World Bank also expected that the per capita GDP growth rate in the region would rise to 3.6% in 2022, after recording a recovery of 1.7% in 2021.

  

  

  

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  • Time: 04/20 2022 12:42:32
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  • Reading: 1,131 times
In numbers.. World Bank: Iraq leads Arab countries in GDP growth
  
{Economic: Al Furat News} In its report issued for the current month of April, the World Bank expected Iraq to achieve the first Arab rank with the largest growth in GDP and per capita for the year 2022.

And the bank stated in its report, according to what was published by the Iraqi Ministry of Finance, that "Iraq's gross domestic product may grow during the current year by 8.9%, surpassing the rest of the Arab countries, including Qatar, which is expected to witness a growth of 4.9%, Saudi Arabia 7%, Kuwait 5.7%, and the UAE 4.9% Algeria 3.2%, Egypt 5.5%, Jordan 2.3%, and Morocco 4.3%.

The report added, "The growth of Iraq will decline in 2023, but it will also remain higher than the rest of the Arab countries, except for Egypt," 
noting that "the growth of Iraq's GDP will be 4.5%, similar to Qatar, and it will rise in Egypt to reach 5%, and Saudi Arabia will have 3.8 %, Kuwait 3.6%, Algeria 1.3%, Tunisia 3.5%, and Jordan 2.3%." 
The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3%, while the per capita growth in Saudi Arabia will be 5.5%, Kuwait 4.5%, Bahrain 1.4%, and Egypt 3.6% Qatar will drop by 4.5%, while Morocco will decrease by 0.1%.

In the same context, experts in the bank praised the positive steps taken by the Iraqi government through the Ministry of Finance in its corrective measures for the fiscal policy and the structure of the Iraqi economy in general, in addition to its adoption of an extensive package of measures and plans of medium and long-term impact in the face of the repercussions of the inflation phenomenon, high global prices and the consequences of the Corona pandemic.

According to the report, the bank’s experts predicted that “the growth of the Middle East and North Africa region will be 5.2% in 2022, after recording a 3.3% recovery in 2021. 

The World Bank also expected that the per capita GDP growth rate in the region would rise to 3.6% in 2022, after recording a recovery of 1.7% in 2021.

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Mazhar Muhammad Salih on the World Bank report: Indicate an unprecedented growth in the Iraqi GDP
 

Baghdad - people  

Mazhar Muhammad Salih, the financial advisor to the Prime Minister, said today, Wednesday, that the strength of financial leverage at the state and market levels is at its best, while talking about the recent World Bank report regarding Iraq.  

  

 

  

Saleh said in a statement to the official channel, followed by "Nass" (April 20, 2022), that "the World Bank report showed that the growth in Iraq's GDP in 2022, which is the highest among the Middle Eastern group in general and the group of developing oil countries in particular, is estimated at about (Positive 8.9%) annually, a rate that exceeds even the rate approved by the current national development plan, which is about more than (positive 7%) annually.  

  

He added, "The high growth figure indicates positive implications for achieving a large expected production accumulation during 2022, especially in the agriculture and oil sectors, which are the two leading sectors in contributing to this significant increase in GDP."  

  

He pointed out that "Iraq's return to operating its full oil potential and supplying the energy market with its current urgent needs is one of the reasons behind this high growth, especially since Iraq has a current oil reserve production capacity of more than one million barrels," noting that "the current agricultural season, especially in the oil sector. Cereal production indicates positive data that is better than the indicators of the year 2021, which is the year that achieved an annual growth in GDP that reached (positive 1.4%), after the recovery of growth levels against what the year 2020 witnessed of a serious decline in economic growth, which amounted to (negative 8.6%). .  

  

He pointed out that "the power of financial leverage at the state and market level is at its best time, which will help contain unemployment, maximize employment and reduce the area of destitution, especially when it is supported by the legislation of the emergency law for food security and development," adding, "We do not expect that the cycle of oil assets will turn against Iraq's oil interests." In the coming term, a sudden drop in the country's oil revenues has been achieved, especially during the next few years, which means that the possibility of sustainable growth will continue when the surplus financial resources are reinvested in work-generating and income-generating projects and away from the manifestations of consumer waste and according to sustainable development adopted by the current national development plan for the country.”  

  

He stressed that "what the World Bank report expects above is that the rate of growth in GDP will continue to be positive in 2023, but at rates that will reach less than 5%, due to the inability to double oil production in the form of immediate short-term investments," noting that "any growth rate in output The gross domestic product exceeds the growth rate of Iraq's population, which is about 2.6% annually, which will contribute to economic prosperity and improve the per capita share of that output.  

  

And the Ministry of Finance announced earlier, the growth of Iraq's gross domestic product by 8.9%, while noting that it achieved the first rank at the level of Arab countries.  

  

And the ministry stated in a statement that “Nass” received a copy of it, (April 20, 2022), that “the World Bank expected a growth in Iraq’s gross domestic product during the current year by 8.9%, exceeding by this the rest of the Arab countries, including Qatar, which is expected to witness a growth of 4.9% Saudi Arabia 7%, Kuwait 5.7%, UAE 4.9%, Algeria 3.2%, Egypt 5.5%, Jordan 2.3%, and Morocco 4.3%.    

  

The bank's report added that "the growth of Iraq will decline in 2023, but it will also remain higher than the rest of the Arab countries, except for Egypt," noting that "the growth of Iraq's GDP will be 4.5%, similar to Qatar, and it will rise in Egypt to reach 5%, and Saudi Arabia will have 3.8% Kuwait 3.6%, Algeria 1.3%, Tunisia 3.5% and Jordan 2.3%.    

  


The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3%, while the per capita growth in Saudi Arabia will be 5.5%, Kuwait 4.5%, Bahrain 1.4%, and Egypt 3.6% Qatar will drop by 4.5%, while Morocco will decrease by 0.1%.    

  

According to the bank’s report published by the Ministry of Finance, “experts in the bank praised the positive steps taken by the Iraqi government through the Ministry of Finance in its corrective measures for the fiscal policy and for the structure of the Iraqi economy in general, in addition to adopting an intensive package of measures and plans with a medium and long impact in the face of the repercussions of the phenomenon of inflation and high Global prices and the consequences of the Corona pandemic.     

  

According to the report, the bank’s experts also predicted that “the growth of the Middle East and North Africa region will be 5.2% in 2022, after recording a 3.3% recovery in 2021.”     

  

The World Bank also expected that the per capita GDP growth rate in the region would rise to 3.6% in 2022, after recording a recovery of 1.7% in 2021.

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{Al-Furat News} publishes the text of the World Bank report on Iraq and the rise in per capita share for 2022
  
{Economic: Al Furat News} The World Bank announced the gradual recovery of the Iraqi economy after the enormous economic pressures imposed by the Corona pandemic.

The World Bank estimates, in its latest quarterly report on economic developments in the Middle East and North Africa, specifically the aspect related to Iraq, that “the gross domestic product will rise by 1.3% in 2021, after it recorded a sharp contraction by 11.3% in 2020.”

He added, “This recovery came as a result of the non-oil sector growing by 6% in the first nine months of 2021 year-on-year, supported by the strong performance of the communication sectors, including the transportation, accommodation and retail sectors. However, the agriculture and construction sectors contracted by 17.5%. and 36.8%, respectively, in the wake of severe drought, power outages and high global prices for inputs.

And he indicated that, "during the first nine months of 2021, oil GDP shrank by 4% on an annual basis, as Iraq adjusted its oil production in accordance with the OPEC agreement."

On the one hand, according to the report, “the general and core inflation rate has risen to an average of 6% and 6.6%, respectively, on an annual basis in 2021, after a 23% currency devaluation in December 2020 and a gradual recovery in domestic demand.”

To view the text of the report, click here

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 2022-04-23 07:41
 

Shafak News/ The International Monetary Fund expects; Iraq's GDP growth will reach 9.5% and annual inflation will reach 6.9% during 2022.

The fund said in a schedule it issued for the month of April, which was reviewed by Shafak News Agency; It is expected that Iraq's domestic GDP, which placed it under the category of oil-exporting countries, will grow by 9.5% and 5.7% for 2022 and 2023, respectively, exceeding all Arab oil-producing and non-oil-producing countries, indicating that GDP growth for 2021 It reached 5.9% during 2021.  

He added, "The annual inflation in Iraq is expected to reach 6.9% during 2022, up from 6% during 2021, noting that inflation in Iraq is expected to decrease in 2023 to reach 4.7%."

The fund indicated that "it is expected that Iraq's current account balance will reach 15.8% and 10.1% during 2022 and 2023, respectively, up from 5.9% in 2021." 

Fund experts expected that the GDP growth rate for the Middle East and Central Asia would be 4.6% in 2022 and 3.7% in 2023, and the annual inflation for the same region is expected to reach 12.8% in 2022 and 10.5% in 2023.

A positive current account balance indicates that the country is a net lender to the rest of the world, while a negative current account balance indicates that it is a net borrower from the rest of the world, and a current account surplus increases the country's net foreign assets by the amount of the surplus, and a current account deficit reduces that amount.

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Oil prices lead Iraq to achieve the highest growth in the region

Sunday 24 April 2022 26

Oil prices lead Iraq to achieve the highest growth in the region
 
 Baghdad: Hussein Thaghb 
Iraqi economic experts confirmed that the World Bank report, which revealed the highest economic growth in the Gulf region witnessed by Iraq, was based on the increase in demand for Iraqi oil, due to the energy crisis that the world is witnessing, and expectations indicate that Iraq will continue to achieve high growth rates in the coming years that will surpass growth rates The population, which promotes social welfare and enables the trend towards diversifying the national economy with large investments in the agricultural, industrial and service fields.
 
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: “The report on growth forecasts in the Middle East and North Africa region in times of uncertainty, showed in its predictions a high growth in GDP for the year 2022 that Iraq had not previously achieved over half a century, which is about 8.9 %, and that such a rate has been reached by China in the past twenty years at least, and one might ask what led to such a big boom in the growth of Iraq's national income?
This significant jump in the GDP growth rate from 1.4 percent in 2021 can be attributed to
 8.9%, in 2022, to the role of the energy crisis in the world, the rise in oil prices and the intensification of demand for Iraqi oil.” 
 
local production
He added that «Iraq enjoys, in its current production, another oil production surplus of more than one million barrels, which is the result of previous investments in its oil fields, which has increased Iraq’s gross domestic product due to the ability to extract and export it, and the agricultural sector and the season of grain cultivation have shown an improvement in Agriculture is better than the previous two years, despite the challenges of drought and water import problems,” noting that “the initiative of the Central Bank of Iraq for the housing sector, whose financing has increased to 3 trillion dinars, has contributed to the housing activity in 
The country, despite the problems of high real estate prices, but contributed to activating the construction sector in a way that Iraq has not witnessed over the past twenty years, and investments in the construction sector led to a serious contribution to the components of the economic growth figure for the year 
Present".
 
development plan
He pointed out that «the transport and digital communications sector remains an important factor in raising the added value of economic activity without a doubt, as the four mentioned factors contributed to that great boom in Iraq’s economic growth in the current year’s estimates, which exceeded the expectations of the current national development plan, which set an average annual growth of just over 7%. 
 
low income
And he indicated that “providing a path of positive repercussions on the well-being of per capita income without major deviations in the equitable distribution of income, is one of the tasks of fiscal policy in addressing the problems of low incomes, which were affected by waves of inflation in the prices of imported basic foodstuffs, which take approximately
 80% of the monthly income of the poor, and this is what everyone aspires to from the emergency law legislation for food security and development, which will target the poor social groups by expanding the social welfare program and the ration card and subsidizing the prices of crops, in addition to suspending taxes and customs duties on imported basic materials to contain the increases its price.”
 
real output
Salih pointed out that “expectations indicate that Iraq will continue to achieve high growth rates in the coming years that will outperform population growth rates, which will spread social welfare, and enable it to move towards diversifying the national economy with large investments in the agricultural, industrial and service fields, especially those related to real production. Which leads to reducing unemployment levels and reducing the poverty rate, which is no longer commensurate with economic growth 
high.”
 
growth levels
Economist Dr. Sattar al-Bayati stressed that "what matters to us is that the levels of growth be among the real productive sectors, with sustainable development, and here we mean the industrial and agricultural productive sectors, as well as tourism and various services, including the adoption of Iraq as a crossing for international trade, and the development of the development of reviving forests in the country." He cautioned against «the importance of utilizing the growth achieved in the process of sustainable development and reviving sectors with permanent resources, to move in the right direction that achieves well-being for the people of the country, and guarantees the rights of future generations, at a time when we have everything that qualifies us to achieve our development goals and make Iraqi society happy and move it to a better stage than 
on him".  
 
Economic performance
The economic affairs specialist Salam Sumaisem said: “The growth indicated by the World Bank report cannot be described as real, because it came from the increase in oil prices in the global market, as the economic performance of the Iraqi economic sectors did not improve, and therefore there is no real increase in the material base of the output. The gross domestic product, pointing out that «this financial abundance did not affect the macroeconomic variables in Iraq, the rate of inflation did not decrease, nor did the volume of unemployment decrease, nor did the rates of
 Poverty.”
 
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 2022-04-25 02:35
 

Shafaq News/ Sudan and Japan recorded the world's most indebted countries in relation to GDP in 2022, while Iraq was one of the least indebted countries in relation to GDP, to be marked by the "green square".

 

This came according to a report by the International Monetary Fund for the current month of April, on the classification of the world's most indebted countries, and was reviewed by Shafak News Agency, where the report classified "the most indebted countries in the world, whose debt exceeds from 50 to 100% relative to the GDP in orange, and the countries that Its indebtedness ranges from less than 25 to 50% in green. 

 

The report of the International Monetary Fund stated, "Sudan was the most indebted country in the world in relation to GDP during 2022, at a rate of 284.1%, followed by Japan at a rate of 262.5%, then Greece came third with a rate of 184.4%, the Republic of Cape Verde was fourth with a percentage of 159%, and Eritrea came fifth with a percentage of 151.9%".

 

In the Arab world, Sudan came first, then Bahrain with a percentage of 116.5%, Egypt third with a percentage of 94%, Jordan fourth with a percentage of 91.5%, and Tunisia came fifth with a percentage of 87.3%.

 

The report showed that seven Arab countries did not have a debt increase of more than 50% of the GDP, to be shown in green, where the debt ratio in Kuwait was 12.3% compared to the GDP, followed by Saudi Arabia at 24.1%, followed by the UAE with a rate of 31.7% and then Iraq with a rate of 35%. Then came Yemen with a percentage of 43.9%, and then Oman with a percentage of 44%," noting that "Syria, Libya, Venezuela, Ukraine and Lebanon were not included in the table due to the lack of accurate data for these countries."

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Iraq ranked first in the Arab world with the largest growth in GDP, while praising the positive steps taken by the government with its corrective measures for fiscal policy.
A statement by the Ministry of Finance stated, "The World Bank report issued for the current month of April, in which it is expected that Iraq will achieve the first Arab rank with the largest growth in GDP and per capita for the year 2022."
The report stated, according to the statement, that "Iraq's gross domestic product may grow this year by 8.9 percent, exceeding the rest of the Arab countries, including Qatar, which is expected to grow by 4.9 percent, Saudi Arabia 7 percent, Kuwait 5.7 percent, UAE 4.9 percent, Algeria 3.2 percent, and Egypt 5.5 percent." Jordan 2.3 percent and Morocco 4.3 percent.
He added, "The growth of Iraq will decline in 2023, but it will also remain higher than the rest of the Arab countries, except for Egypt," noting that "the growth of Iraq's GDP will be 4.5 percent, similar to Qatar, and it will rise in Egypt to 5 percent, and Saudi Arabia will have 3.8 percent and Kuwait." 3.6 percent, Algeria 1.3 percent, Tunisia 3.5 percent, and Jordan 2.3 percent.
The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3 percent, while Saudi Arabia's per capita growth will be 5.5 percent, Kuwait 4.5 percent, Bahrain 1.4 percent, Egypt 3.6 percent, and Qatar." 4.5 percent, while Morocco will decrease 0.1 percent.
In a related context, experts at the bank praised, according to the report, "the positive steps taken by the Iraqi government through the Ministry of Finance in its corrective measures for the fiscal policy and for the structure of the Iraqi economy in general, in addition to its adoption of an extensive package of measures and plans of medium and long-term impact in the face of the repercussions of the phenomenon of inflation and the rise in global prices and the repercussions of Corona pandemic.
Experts predicted that "the growth of the Middle East and North Africa region will be 5.2 percent in 2022, after recording a recovery of 3.3 percent in 2021."
The World Bank expected that "the growth rate in per capita GDP in the region will rise to 3.6 percent in 2022 after recording a recovery of 1.7 percent in 2021."

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Al-Kazemi's advisor explains the reasons for the high inflation in Iraq
 

  

Baghdad - people  

The technical advisor to the Prime Minister, Haitham al-Jubouri, spoke on Monday about the reasons for the increase in inflation and ways to address it. As he touched on foreign loans to finance investment projects, he revealed the target groups and sectors in the emergency support law.    

 

  

Al-Jubouri said during his hosting on the official channel, followed by “Nas”, (April 25, 2022): “The World Bank report indicated positive growth in the Iraqi economy, both oil and non-oil parts, and that this came with economic reforms pursued by the previous parliament and the current government through the white paper. These economic reforms, which began two years ago, have brought clear growth.  

  

Inflation increase  

  

He added, "There is an increase in the rate of inflation, but this increase can be addressed with this great growth that was achieved through revenues, because the increase in revenues that achieve growth can address inflation and unemployment if the increase is properly invested."  

  

He continued, "Inflation has risen, in 2020 it reached 0.6%, in 2021 it reached 6%, and now in 2022 the ratio has reached 7.9%, and this is a clear increase compared to the past two years, and this explains two reasons; the first is due to the increase in the monetary mass offered in the Iraqi market, As the monetary mass increased during the past two years by more than 25 trillion dinars, it was 51 to 76 trillion dinars, and this is reflected in the increase in inflation, as well as an increase in the exchange rate of the dollar against the dinar, this was also reflected in the increase in the inflation rate, and the unemployment rate, which is 12.7 % according to the latest report, which is an increase of more than 25% over the previous increase, and this occurred due to the outbreak of the Corona pandemic during the previous period, and the suspension of some production plants and others, which caused an increase in the unemployment rate.  

  

External loans  

  

He explained, "The ongoing dialogues with the World Bank and the International Monetary Fund are very important for Iraq in terms of training and advice to address the Iraqi economy, and they had access to the government white paper and made valuable comments on it, and that the World Bank's reports and recommendations are not binding on the state, but they are respected and taken into consideration." ".  

  

He continued, "The World Bank usually lends to Iraq at an interest rate of 0%, and a repayment rate that extends from 20 to 25 years. These semi-free loans are for large investment, development and production projects in the country, and we have projects such as railway connection, linking new highways, the great port of Faw and airport development, and these are among the plans that were drawn up even with the Chinese agreement, it is possible to invest these projects towards lending to the bank The international community, especially after the recent positive report on the situation of the Iraqi economy, and that the World Bank will study the feasibility of projects, each project separately, and it is possible to finance part of them. Parliament and the government create development real in the Iraqi economy.      

  

high growth  

  

And about the factors that made Iraq the first Arab in growth, Al-Jubouri said, “A large part of the growth was achieved after the economic reforms pursued by the government in the white paper, and what the House of Representatives did in its previous session with the borrowing law, the deficit financing law and the budget law, as well as the economic reform proposals that It was submitted by the council at the time to the government and was unified in the white paper, and that the other issue is the issue of supporting the local product, and strict government measures in this regard, in addition to encouraging investment for some important files, especially the energy file, which had a significant impact on achieving this growth.  

He pointed out that "the increase in oil exported abroad, and the increase in oil prices internationally, and this was clearly reflected on the significant increase in the revenues of the Iraqi state, and this must be invested, so the growth is a positive indicator, but it is not sufficient, if it is not consistent or synchronized with creating real development in the country." Country".  

  

  

emergency support law  

  

He pointed out that "the surplus cash mass from the need, a large part of it will turn into securing the items of the ration card and supporting farmers and farmers, and also to cover the costs of oil production and importing electric power and gas in addition to Iraq's large debt, these expenses are operational, and the important thing in the support law is that 30% % will go to investment projects, and we hope that they will be productive and developmental, not just service."     

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Al-Kazemi’s advisor expects 3 gains for Iraq after meeting with the International Monetary Fund and the World Bank

Economie10:03 - 25/04/2022

 
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Baghdad - Mawazine News
, Haitham al-Jubouri, Technical Adviser to the Prime Minister, identified today, Monday, the most important proposed projects, which are expected to be discussed with the International Monetary Fund and the World Bank during an upcoming meeting in Baghdad, and 3 of the gains expected to be made by Iraq, while he explained the extents of investing surplus oil prices in implementing the law. Emergency support for food security and development.
Al-Jubouri said, "The recent World Bank report indicated positive growth in the Iraqi economy, both oil and non-oil, and this came after economic reforms through corrective steps taken by the current government and the previous parliament."
He added, touching on the current problems that the economy suffers from, that "the inflation rate was 6% in 2020, and in the last two years it rose to 7.9%, and the reasons for this are the first of which is the increase in the monetary mass offered in the Iraqi market, which rose from 51 trillion dinars to 76 trillion, an increase of 25 trillion dinars, and the second reason is the increase in the dollar's exchange rate against the dinar."
He pointed out that "the unemployment problem has also risen to 12.7%, due to the outbreak of the Corona pandemic and the suspension of some production plants," noting that "the revenues generated as a result of high revenues can address the problems of inflation and unemployment if invested correctly."
On the upcoming meeting that government officials will hold in Baghdad with representatives of the International Monetary Fund and the World Bank, al-Jubouri said that “the two parties were briefed on government reforms represented in the white paper and had valuable observations, which were not binding on the Iraqi government, and their observations are viewed by international institutions into consideration, especially with regard to granting loans and investments.
He stressed that "the World Bank provides loans at a zero interest rate and a repayment period of more than twenty years to the Iraqi government in order to support the investment budget and does not grant any loans to the operating budget such as salaries and expenses."
He pointed out that "Iraq needs the implementation of new projects in the field of rail linkage and new roads, the completion of the great port of Faw and the development of airports, and these are plans that can be supported by the World Bank after its last positive report."
He pointed out that "the Central Bank will study these plans after they are presented by the Iraqi side at the meeting, and perhaps finance part of them, and this is a great gain for Iraq because it will push the wheel of development, increase job opportunities and create productive projects."
Regarding the extent of investment of the financial mass achieved from the increase in oil imports in the Emergency support Law for Food Security and Development, Al-Jubouri explained, “It will go to strengthen the vocabulary of the ration card, support farmers and peasants, cover the costs of oil production, import electric power and gas, and pay off Iraq’s debt, and 30% of it will go to developmental investment projects. ".
In its report issued during the current month of April, the World Bank confirmed that Iraq ranked first in the Arab world with the largest growth in GDP and per capita for the year 2022.
The World Bank report expected that "Iraq's gross domestic product will grow during the current year by 8.9 percent, surpassing the rest of the Arab countries, including Qatar, which is expected to grow by 4.9 percent, Saudi Arabia 7 percent, Kuwait 5.7 percent, UAE 4.9 percent, Algeria 3.2 percent, Egypt 5.5 percent, and Jordan." 2.3 percent and Morocco 4.3 percent.
He added, "The growth of Iraq's GDP will be 4.5 percent, similar to Qatar, and it will rise in Egypt to 5 percent, Saudi Arabia will have 3.8 percent, Kuwait 3.6 percent, Algeria 1.3 percent, Tunisia 3.5 percent, and Jordan 2.3 percent."
The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3 percent, while Saudi Arabia's per capita growth will be 5.5 percent, Kuwait 4.5 percent, Bahrain 1.4 percent, Egypt 3.6 percent, and Qatar." 4.5%, while Morocco will decrease 0.1%.” Ended 29 / p. 87

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IMF: Oil to bring Iraq’s overall GDP growth to 10 percent in 2022

IMF: Oil to bring Iraq’s overall GDP growth to 10 percent in 2022

International Monetary Fund building. Reuters image.

Baghdad (IraqiNews.com) – An International Monetary Fund (IMF) mission, led by Tokhir Mirzoev, visited to Amman, Jordan, between May 14 and 18, to discuss with the Iraqi authorities recent economic developments, the impact of global events on the economic outlook, and the country’s policy priorities, according to the IMF spokesperson, Wafa Amr.

“The economic recovery is well underway. In 2021, buoyed by the resumption of activity, a more accommodative fiscal stance, and stimulus measures by the central bank, real non-oil GDP rebounded by an estimated 20 percent and is poised to expand by around 5 percent this year,” according to a press statement issued by Mirzoev at the conclusion of the visit.

“Oil output is projected to reach its pre-pandemic level and bring overall real GDP growth to 10 percent in 2022. The war in Ukraine is affecting Iraq mainly through its global impact on commodity prices. In 2022, soaring oil revenues will more than offset the increased food and energy import bills,” Mirzoev explained in his statement.

“As a result, the fiscal and current account balances are projected to post double-digit surpluses in percent of GDP. Nonetheless, headline inflation is expected to climb to 6.9 percent, up from 6 percent last year, driven in part by higher food prices, which are adversely affecting the poorest segments of the population,” Mirzoev added.

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IMF Staff Concludes Staff Visit to Iraq

May 19, 2022

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.
  • The economy is recovering well amid high oil prices, with real GDP projected to reach its pre-pandemic level this year. 
  • Cushioning the impact of surging food prices on the most vulnerable is the most urgent priority. 
  • Using the current favorable oil market conditions to accelerate structural reforms and advance socio-economic priorities will be key to strengthen Iraq’s medium-term economic resilience.

Washington, DC: An International Monetary Fund (IMF) mission, led by Tokhir Mirzoev, visited to Amman, Jordan, during May 14-18, 2022, to discuss with the Iraqi authorities recent economic developments, the impact of global events on the economic outlook, and the country’s policy priorities. At the conclusion of the visit, Mr. Mirzoev issued the following statement:

“The economic recovery is well underway. In 2021, buoyed by the resumption of activity, a more accommodative fiscal stance, and stimulus measures by the central bank, real non-oil GDP rebounded by an estimated 20 percent and is poised to expand by around 5 percent this year. Oil output is projected to reach its pre-pandemic level and bring overall real GDP growth to 10 percent in 2022. The war in Ukraine is affecting Iraq mainly through its global impact on commodity prices. In 2022, soaring oil revenues will more than offset the increased food and energy import bills. As a result, the fiscal and current account balances are projected to post double-digit surpluses in percent of GDP. Nonetheless, headline inflation is expected to climb to 6.9 percent, up from 6 percent last year, driven in part by higher food prices, which are adversely affecting the poorest segments of the population.

“Cushioning the impact of surging food prices on the most vulnerable is thus the most urgent priority. With fiscal policy paralyzed by the absence of the 2022 budget—which limits current fiscal expenditures to last year’s level—strengthening spending efficiency, maintaining tight control over public hiring, and reprioritizing expenditures within the overall budget cap will be essential to enable boosting targeted cash transfers to the most vulnerable and containing the poverty impact of the rising cost of living.

“In an environment of high oil prices and against the background of elevated global risks and uncertainty, the focus of macroeconomic policies needs to shift toward consolidating economic stability and strengthening Iraq’s long-term economic resilience. In the short run, maintaining fiscal discipline and tapering the central bank’s lending support to the real estate sector will help avoid adding to inflationary pressures. In addition, despite large reconstruction and other investment needs, limited near-term absorptive capacity, fiscal vulnerability to oil price volatility, and the challenges of the global energy transition call for building buffers for the future by saving a portion of oil revenues via a carefully designed sovereign wealth fund.

“The current favorable oil market conditions also provide an opportunity to accelerate structural reforms envisaged in the authorities’ “White Paper.” Strengthening the quality of public services and creating the fiscal space for much-needed investments and the social safety net require a civil service reform, reducing inefficient energy subsidies, diversifying fiscal revenues, and strengthening governance. Fixing the electricity sector will be crucial to reduce fiscal costs and enable private sector productivity. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. Enhancing governance in large state-owned banks and completing their audits and restructuring will facilitate access to finance and job creation by the private sector.

“The mission welcomes the authorities’ increased attention to the challenges of climate change and the release of Iraq’s first Nationally Determined Contribution document last year. In the coming months, the mission encourages prioritizing the preparation of national climate adaptation and mitigation plans, development of green financing, and full integration of climate-related priorities into the macroeconomic policy framework. The IMF stands ready to support Iraq in these endeavors.

“The IMF staff team would like to thank the authorities for candid and productive discussions and looks forward to continuing close cooperation with Iraq in the period ahead.”

IMF Communications Department

 

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