World Bank confirms Iraqi economy witnessing significant growth
The World Bank. Photo: Iraqi News Agency
Baghdad (IraqiNews.com) – The World Bank confirmed on Wednesday that the Iraqi economy is witnessing significant growth, reaching 10.5 percent, and referred to an increase in the productivity of the non-oil sector in Iraq, the Iraqi News Agency (INA) reported.
The World Bank mentioned that the Iraqi economy is witnessing significant growth reached 10.5 percent during the first half of 2022, compared to a growth rate of 2.8 percent in 2021.
The high rate of oil production, the increased export quantities, the rising global prices, and the increased productivity of the non-oil sector in Iraq had a major role in this increase, according to the World Bank.
The increase in public revenues represents an important opportunity that supports the future prospects of the Iraqi economy towards diversifying the economy and increasing the contribution of non-oil sectors to the gross domestic product, the World Bank clarified.
Despite the development opportunities in Iraq, the Iraqi economy is still suffering from many problems that need urgent solutions to sustain resilience and economic growth. These problems include the water crisis and climate challenges, the World Bank explained.
The Central Bank of Iraq (CBI) confirmed that its monetary policy seeks to achieve stability and economic growth by using various monetary policy tools.
The CBI revealed that its initiatives worth 18 trillion Iraqi dinars (nearly 12.33 billion USD) contributed to providing appropriate financing for many small, medium and large projects to support the private sector and economic diversification.
The CBI’s initiatives include a one trillion-dinar (nearly 685 million USD) initiative to finance the purchase of renewable energy systems for both individuals and enterprises.