Saleh: There is cautious optimism that reveals real GDP projections for 2021
Saleh: There is cautious optimism that reveals real GDP projections for 2021
02/24/2021 18:05:30
{Baghdad: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Wednesday, that there is optimism about the recovery of the Iraqi economy accompanied by caution, while revealing the real GDP in 2021 according to expectations.
Saleh said {for the Euphrates News} that “the Iraqi economy has begun the recovery phase and growth rates will be positive this year, after the contraction of real GDP by an estimated 11% in 2020, and expectations confirm today that Iraq will reach this output to 3% in 2021. “.
Saleh promised, these indicators are “good … it stops the deterioration and moves the wheel of the Iraqi economy, works to reduce unemployment and supplies sectors in general, especially since we have two positive events that lie in the improvement of oil revenues and agriculture, especially food security in the issue of grains.”
He added, “Improving agricultural and oil revenues will work to move the Iraqi economy for the next ten years, and get out of the bottleneck for 2020; there is optimism with caution.”
The Corona (Covid-19) pandemic and the sharp decline in oil revenues further exacerbated long-term economic vulnerabilities in Iraq, as real GDP contracted by an estimated 11% in 2020, reflecting the slowdown in non-oil activity and oil production cuts as a result of OPEC decisions. +. According to the International Monetary Fund
, the large deficit in public finances and the external current account of 20% and 16% of GDP, respectively, restricted the government’s ability to respond effectively in terms of public finances to the crisis.
In its report, the International Monetary Fund emphasized, there is a need for a comprehensive package of short-term economic policies based on a reliable financial strategy to overcome the health crisis, ensure economic stability, and protect vulnerable groups.
alforatnews.com
