Iraq records highest economic growth rate in history

SocalDinar · October 13, 2022

Iraq records highest economic growth rate in history

Amr Salem https://www.iraqinews.com/iraq/iraq-records-highest-economic-growth-rate-in-history/
October 13, 2022
189
2 min

The Iraqi capital, Baghdad. Photo: Shutterstock

Baghdad (IraqiNews.com) – The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, explained the reasons behind Iraq’s highest growth rate among Arab countries in 2022.

Salih explained that Iraq’s growth rate exceeded nine percent, according to a report issued by the International Monetary Fund (IMF), describing this percentage as the highest in the history of Iraq.

“The growth rate reached 9.4 percent in one year because Iraq’s oil exports increased by about one million barrels compared to the period of the Covid-19 pandemic, oil prices increased by 40 percent, and several large reconstruction projects are taking place in cities liberated from ISIS,” Salih said.

Additionally, the activity of the communications sector and the initiative of the Central Bank of Iraq (CBI) that reached 19 trillion dinars (more than 13 billion USD) to provide housing loans contributed to the country’s rising growth rate, according to Salih.

Regarding how to maintain this high growth rate, Salih explained that the funds represented the CBI’s cash reserves support economic stability, and should be invested in a budget legislation for the next year.

Salih added that the budget will include an investment aspect that supports the development sector in the country and maintains high growth rates.