Saleh: There is optimism accompanied by caution ... revealing real GDP projections for 2021

Saleh: There is optimism accompanied by caution ... revealing real GDP projections for 2021

   Time: 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 started the recovery phase and growth rates will be positive in the current 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 and works to reduce unemployment and supply 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 move the Iraqi economy for the next ten years, and break the bottleneck for 2020; there is optimism with caution."

The Coronavirus (Covid-19) pandemic and the sharp decline in oil revenues further exacerbated long-term economic vulnerabilities in Iraq, as the 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 fiscal deficit and the external current account of 20% and 16% of GDP, respectively, have constrained the government's ability to respond effectively in terms of public finances to the crisis.

The International Monetary Fund stressed in its report, 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.




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