The necessities of economic reform in Iraq

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The necessities of economic reform in Iraq

Post  Admin on Thu Aug 17, 2017 7:28 pm

17/8/2017 1:24 am

Saad al-Tai
The economic reform process is one of the urgent necessities of reforming the structure of the national economy in the event of crises caused by slow economic growth or imbalance in the balance of payments and imports. This requires the decision maker in the country to work on a reform plan to find solutions to the imbalances so as to restore balance to the economic movement in the country.

In the current circumstances of the Iraqi economy, resulting from the global economic crisis, which left its effects on the various economies of the world, especially the rental economies dependent on the export of one commodity and the significant price declines, it is necessary to work on an economic plan to work on Eliminate the negative effects of the decrease in imports resulting from the drop in oil prices globally.

It is possible to work on the design of the economic reform plan by focusing on the important things is to reduce the budget deficit by reducing the expenditure and increase and diversify the public revenues flowing into the budget, as the plan requires the reduction of inflation rates, leaving the high prices of negative effects in the purchasing capacity of various segments of society and Slow economic growth.

It should also work to encourage investments, both internal and external, because of their significant positive effects in creating jobs in various economic sectors, leading to increased economic growth.

The economic reform is a very urgent and important process for sustaining economic growth and overcoming the economic crisis. It is not possible to develop an integrated economic plan whose work is lightened, and the efforts of all ministries should be integrated in the success of this plan because of its positive effects on the national economy in the future.

The economic reform begins with the progressive work of continuously reducing the dependence on oil as a major source of the public budget because of the negative effects on the national economy because of the fluctuation of prices of this raw material in accordance with the fluctuations of the global market in terms of supply and demand, it is a mistake to weigh heavily on the economy The national of one commodity proved a lot of cases in previous years that they fluctuate in prices up and down and at accelerated rates and in both cases proved to be harmful because the rise in oil prices prompts to rely more and more in the process of budgeting as a fixed and only resource, In the event of falling prices, this leaves its disastrous effects on the provision of resources for the budget.

It is therefore important to work on diversifying the resources of the general budget by encouraging the national industry in order to reduce the importation of foreign products and the resultant waste of large sums of money.

It is also necessary to encourage domestic and foreign investment in order to complete various projects in various economic, industrial and agricultural fields.

And the resultant economic movement leading to the creation of many jobs and pumping large sums of money that can stimulate the national economy.

It is also important in the reform plan to impose progressive taxes on high income earners and capitalists because it will contribute to the provision of resources for the budget and should work to reduce the waste of public expenditure and thus lead to the provision of financial resources for the main items.

All these efforts must be within the framework of an economic reform plan to be put in place and work to achieve its terms and provide ways to make it successful in order to achieve economic reform in the country.


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