Iraq’s economy grew by 1.4% in the past Iranian year, marking a recovery from a 2.9% contraction in 2023. This growth was influenced by rising oil production and non-oil sectors such as agriculture and construction. Despite this positive growth, experts emphasize the need for stronger economic performance to address unemployment and improve living standards.
Iraq’s economy registered a growth of 1.4% over the past Iranian year, as per indicators released by Iran’s Central Bank. This report, covering the last nine months of the Iranian year, indicates that Iran’s economy grew by 3.7%, which the bank considers stable compared to both regional and global counterparts. Furthermore, fixed capital formation in Iran edged up by 3.4%, and non-oil trade surged beyond $116 billion, reflecting an 11.2% increase.
In a regional context, Turkey’s economy saw a growth of 2.8%, while Pakistan experienced 2.5%. Iraq and Saudi Arabia each recorded a growth of 1.4%, with the average growth for the Middle East and Central Asia pegged at 2.4%. Iraq’s recent growth signifies a modest recovery following a 2.9% contraction in 2023, as reported by the International Monetary Fund (IMF). This recovery has been linked to a steady rise in oil production and favorable global oil prices.
According to the World Bank, non-oil sectors such as agriculture, construction, and services have played a significant role in Iraq’s economic growth. However, the growth rate remains insufficient for reducing unemployment or improving living standards. Both the IMF and World Bank highlight that Iraq needs consistent and stronger growth to confront structural challenges and secure long-term economic stability.
Iraq’s economy experienced a 1.4% growth, indicating a possible recovery after a contraction in 2023. This growth is bolstered by rising oil production and diverse contributions from non-oil sectors. Nevertheless, both the IMF and World Bank warn that sustained growth is essential to tackle unemployment and enhance living conditions, thereby ensuring lasting economic stability.
Original Source: shafaq.com
