Iraqi economy to grow by 4.3 pc in 2016: World Bank
The World Bank. Archival photo.
(IraqiNews.com) The World Bank affirmed on Monday that the economic growth rates in countries that are witnessing conflicts and battles such ad Iraq, Syria, Yemen and Libya will not improve soon and expected the economic situation in Iraq to remain ‘fragile’ due to the ongoing violence, battles and retreat in oil prices.
It also pointed out that Iraqi GDP will grow by 4.3 per cent in the current year, while expected the growth to reach 5.6 per cent next year.
The World Bank, in a report, said, “The economic growth rates in countries that are witnessing conflicts and battles such ad Iraq, Syria, Yemen and Libya will not to be improved soon.”
“The fiscal deficit widened to 14.5 per cent in 2015, due to significantly lower oil revenues and higher humanitarian and security-related expenditure. The government implemented fiscal consolidation measures in mid-2015, aimed at improving revenue collections, in particular from oil and at containing non-oil primary spending,” the report added.