The World Bank: Iraq’s GDP will rise to more than 7% in 2022

The World Bank: Iraq’s GDP will rise to more than 7% in 2022

2021-01-10 00:33

The World Bank - Iraqs GDP will rise to more than 7 percent in 2022Shafaq News / The World Bank expected today, Sunday, that Iraq’s GDP will rise to more than 7% during 2022, indicating that Egypt is the only country that has not affected its domestic product in 2020.

The bank said in a report reviewed by Shafaq News Agency; It is “expected that the GDP of Iraq will rise to 2% in 2021 and 7.3% in 2022,” indicating that “Iraq’s GDP decreased by 9.5% in 2020, after it increased by 4.4% in 2019.”

He added, “Lebanon was the country with the lowest GDP rate of 19.2% in the Middle East,” expecting the decline in the GDP of this country by 13.25% in 2021.

“Egypt is the only country whose GDP was not affected in 2020, to increase by 3.6%,” he said.

The bank indicated that “economic activity among oil-exporting countries is expected to recover by 1.8% this year, with support for the return of oil demand to normal, the planned mitigation to reduce oil production in OPEC + countries, policy support and the gradual easing of domestic restrictions related to the pandemic.”

The bank stressed that “the recovery of economic activity in the Middle East hinges on containing the pandemic, stabilizing oil prices, not escalating geopolitical tensions again, and assuming vaccines will be distributed in the second half of this year and by 2022.”