According to a recent World Bank report, Iraq’s economy has benefited from high oil prices, which have helped boost the country’s fiscal and external balance into double-digit surpluses. According to the study, Iraq Economic Monitor: A New Opportunity to Reform, after expanding by 2.8 percent in 2021, Iraq’s GDP will rise at a faster rate to 10.5 percent in the first half of 2022 because of higher oil production and a rebound in domestic economic activity following the epidemic.
The Iraqi government has received record oil income because of record oil exports, which have also increased global reserves to levels not seen in more than 20 years.
Comments