The International Monetary Fund is likely to shrink Iraq’s economy in the current year
The International Monetary Fund is likely to shrink Iraq’s economy in the current year
27/10/2014
He favored the International Monetary Fund Monday that Iraq’s economy to shrink by 2.7% this year, the first contraction since 2003.
Showed regional economic outlook for the Fund that the current economic slowdown comes after GDP growth of 4.2% in 2013, which was the weakest rate since 2007. However, this remains tiny compared with falling output by 41.4% in 2003, when led international invasion process led by the US United to overthrow the former regime.
The Fund said that the conflict has caused the interruption is expected Iraqi oil production growth to fall slightly to 2.9 million barrels per day, while the amount of exports remain 2.4 million barrels per day, close to last year’s level . “But the deteriorating security situation will hurt the technical and administrative capacity to increase oil production and exports in term average . ”
The IMF also said that “the government’s budget is under pressure due to rising spending on security and relief efforts,” as quoted by the Reuters news agency.
iraqhurr.org
