Iraq Non Oil Related GDP Stagnant Lasts Year.

[Luigi1]

Here's an article of Dinarian interests...

The Iraqi Economy At Risk Due To Excessive Dependence On Oil.

Non oil related GDP economy stagnant last year.

Iraq GDP is positioned to shrink again this year.

Last month The IMF stated what WB stated today.

Inflation & stagnation blamed on oil dependence.
Treat as a rumor.  Not verified.  Your opine.

 

 

Tlm724 Administrator Bondlady’s Corner:   The WB: The Prospects Of The Iraq Economy At Risk Due To Excessive Dependence On Oil.

ARTICLE: The World Bank said that the Iraqi economy suffers from stagnation in non-oil (GDP) GROSS DOMESTIC PRODUCT, industries & agricultural activities, which was accompanied by high inflation rates, as Iraq lacks under its current government; for large-scale structural reforms to strengthen its economy away from oil.

 

The World Bank stated in the report issued on the economy in Iraq & its debts, under the title: (Renewed Pressures: Iraq’s Recovery is in Danger), seen by “Al-Iqtisad News”, that the annual budget approved by the government authorities is witnessing a significant increase in the volume of public expenditures by 59% over   The previous year, which represents 74.3% of total spending, which will lead to a large fiscal deficit of 51.6 trillion Iraqi dinars – equivalent to 39.7 billion Dollars – which represents 14.3% of the volume of public imports, more than half of the recent record reserves that accumulated in the wake of The boom in oil prices.

 

Regarding the policies of the CBI in devaluing the local currency, the WB reported that the devaluation of the IQD led to an increase in overall & basic inflation.   Due to the heavy reliance on imports in light of the weak local production that is not supported by the government authorities, which exposed the country’s fragile economy.

 

The World Bank report added that the standards for transactions adopted by the CBI through currency sale auctions; It caused the redirection of hard currency to the parallel market, which caused the devaluation of the IQD against the USD.

 

According to the WB, Iraq’s lack of diversification of income sources led to the declines – due to the chaotic policies of successive governments – led to a contraction of the gross domestic product by 1.1% in 2023 & an increase in the country’s public debt to reach 58.3%, after it was 53.8% in the previous year, i.e. it will reach 152 billion USD, with an increase of $10 billion, while the total external debt amounted to $50 billion & the internal debt amounted to $102 billion, which means that government authorities borrowed about $60 billion internally in the previous three years, at a rate of $15 billion annually, with annual interest on internal debts amounting to 16 to 17% of the debt volume.


 

[sgtsanders]

Not to be negative but it seems that now that we are at a point to where this could really pop, we are seeing all of the nuances that might keep it from doing just that in the near future. I so hope I’m wrong!🥴

[Luigi1]

 

 

36 minutes ago, sgtsanders said:

Not to be negative but it seems that now that we are at a point to where this could really pop, we are seeing all of the nuances that might keep it from doing just that in the near future. I so hope I’m wrong!🥴

 

Maybe Iraq must fail as the US is failing to get this GCR jump started.

Agree, this could really pop.

[BETTYBOOP]

they are either going to go boom or bust. I can't imagine the western world allowing them to go bust. But who knows. Maybe the West has decided they can't help them because iraq never fully co operates or follows the advice and guidence they are given

[pokerplayer]

17 minutes ago, BETTYBOOP said:

they are either going to go boom or bust. I can't imagine the western world allowing them to go bust. But who knows. Maybe the West has decided they can't help them because iraq never fully co operates or follows the advice and guidence they are given

 

Nailed it 

 

  pp

[Dretown39]

2 hours ago, sgtsanders said:

Not to be negative but it seems that now that we are at a point to where this could really pop, we are seeing all of the nuances that might keep it from doing just that in the near future. I so hope I’m wrong!🥴

I'm going to double-up on that hope because I believe you are & I mean that in a good way! Stay the course brotha because I believe we are at the cusp of this happening!👊

[Bob]

I believe we are as close as we have ever been!  I remember being in Iraq in 2003/4 and buying this IQD ($250, notes) at around $400 per million  (If I Remember Correctly)!    This was before anyone had seen the possibilities!  Now we are on the verge of exchanging our IQD for USD..........and it feels good!!!  I will be ordering my Bentley Continental GT soon!  Let me know if you want a ride in my new car....(not cheap, not FREE!)  (well maybe I'll make an exception for IQD holders!)

[Luigi1]

 

11 hours ago, Bob said:

I believe we are as close as we have ever been!  I remember being in Iraq in 2003/4 and buying this IQD ($250, notes) at around $400 per million  (If I Remember Correctly)!    This was before anyone had seen the possibilities!  Now we are on the verge of exchanging our IQD for USD..........and it feels good!!!  I will be ordering my Bentley Continental GT soon!  Let me know if you want a ride in my new car....(not cheap, not FREE!)  (well maybe I'll make an exception for IQD holders!)

 

Agree with MZ.  He stated it may not happen in August but may happen sometime in 2023.