Favorable oil market dynamics in the first nine months of 2022 brought total reserves, excluding gold, up to a record US$89.0 billion, though the trend slowed in early 2023. Consumer price inflation, which had moderated in 2022, ticked up in early 2023, fueled by the depreciation of the Iraqi dinar in the parallel market. The Spring/Summer 2023 edition of the Iraq Economic Monitor, titled " Reemerging Pressures: Iraq’s Recovery at Risk ", finds that real gross domestic product (GDP) growth accelerated to 7.0 percent in 2022 driven by the oil sector, but fell to 2.6 percent year-on-year in the first quarter of 2023. Despite a record oil windfall and a long-awaited new budget, Iraq nevertheless remains at risk of missing the opportunity to push ahead overdue reforms that are critical to boost private sector growth and create the millions of jobs needed in the next decade. ![]() Real GDP growth reached 7 percent in 2022 but oil related growth constraints have reemerged.īAGHDAD, J– Iraq's economy continued its oil-driven recovery after the sharp pandemic-induced recession in 2020, but non-oil sectors have stagnated, and growth constraints have reemerged.
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