Expectations of recession next year, the Iraqi economy
Expectations of recession next year, the Iraqi economy
27-12-2015 12:55 PM
Are free –
Finance Committee in the Iraqi parliament is expected, move the Iraqi economy from the contraction phase to the recession over the next year, noting that the oil revenues and other resources do not believe in only a quarter of the budget in all its clauses.
The news agency ‘Anatolia’ from the decision of the Finance Committee, Ahmed al-Haj that: ‘ difficult to achieve what is planned in the budget of imports unexpected, which is 84 trillion Iraqi dinars (71 billion dollars) and the price of a barrel to $ 45 ‘, pointing out that:’ dollar drop to one barrel of oil increases the deficit an additional billion dollars’.
It is intended recession, any significant and widespread decline in economic activity, accompanied by increased supply with lower demand, what is pushing decline of industry and trade revenues, and declining value of the investment, and growing unemployment rates, as well as social and political negative effects.
He acknowledged the Iraqi parliament, last week, the majority of the financial budget for the year 2016, amounting to 105 trillion dinars (approximately US $ 90 billion), with a deficit of 25 trillion dinars ($ 21 billion) and the size of imports expected value of 84 trillion dinars (71 billion dollars).
He added: ‘The economic crisis faced by Iraq will increase next year and turn of contraction phase to the recession, which is a critical stage in a country’s economy ‘, pointing out that:’ according to the current price of oil, we can secure a quarter of the budget for fiscal 2016 only amounting to 105 trillion dinars.
“According to the decision of the Finance Committee in the Iraqi Alberlmn, put it: ‘There are 63 trillion dinars (53.3 billion dollars) would be entitled to be paid next year, represented by Bill salaries and retirement, premiums religion and international commitments’.
ahraraliraq.com
