Iraq is the second country in the world in terms of economic growth in 2022

The economy of Iraq

Iraq’s economy is highly dependent on oil, and in other words, it is based on oil economy. About 95% of Iraq’s total income comes from the sale of oil in this country. Iraq’s numerous wars and long-term international sanctions have caused the Iraqi economy to lag behind.

Iraq is predicted to have economic growth of 9.5% in 2022, placing it second behind Ghana, which is predicted to have economic growth of 47.2%.

The gradual process of recovery and overcoming the twin shocks of Covid-19 and declining oil prices has started for the Iraqi economy, and the expansion of the nation’s oil and non-oil economies is proceeding as planned.

Iraq’s GDP growth in 2022 will be the highest among Arab nations, at 9%, according to reports from the World Bank. Iraq’s adherence to production reduction commitments within the framework of OPEC+ is the reason for the country’s 4% (annual) increase in gross domestic oil production.

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