Iraqi economy expected to grow by 5.5 percent

Baghdad (IraqiNews.com) – The Arab Monetary Fund issued the 17^th edition of the Arab Economic Prospects report, including economic growth expectations and developments of domestic prices for Arab countries including Iraq, during 2022 and 2023.

The report expected that the Iraqi economy would recover and achieve a growth rate of 5.5 percent this year, and a relative decline in the economic growth to 4.4 percent during 2023.

The report reviewed part of the measures followed by the Iraqi government and the Central Bank of Iraq (CBI) to contribute to achieving the economic growth in the country. It indicated that the CBI, in its strategic plan for the years 2021-2023, prioritized the support of digital financial and banking services by adopting different procedures.

These procedures include a project called ‘Know Your Customer Online’ to adopt the use of digital identification to open bank accounts and integrate customers digitally, and obligating the banking sector to use digital applications such as mobile phone applications and online banking services according to international practices.

The report indicated that the CBI, in coordination with the government, launched several initiatives to stimulate economic activities, especially in terms of financing small, medium and large enterprises, and in fields of housing and personal loans, in addition to reducing the interest imposed on loans.