An economist expressed his expectation about the state of the economy in Iraq during the new year 2020.
The financial advisor and economist Mazhar Muhammad Saleh said in a press statement that “there is optimism about the escalation of the real economic growth rate in the gross domestic product in the year 2020, which the economic circles estimate will reach approximately 5.1 percent, starting from the recovery of the Iraqi economy in the current year 2019, in which growth is estimated at 4.8 percent, in addition to the increase in government activity without retreat, as this will be accompanied by an increase in the ratio of government revenues to gross domestic product as well, to be in the year 2020 by about 37 percent and more compared to the year 2019, which is estimated at 36 percent.
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Saleh added, “In addition to the above, there are two important economic auxiliaries that will raise economic growth and constitute an optimistic vision for the growth in the real economy. The first is the recovery of the agricultural sector and the increase in its contribution to GDP from 4 percent to nearly 7.5 percent this year for water availability and backed by agricultural policies. And commercial support for agricultural activity, as is happening today in the development in the production and marketing of grains and various field crops. ”
He pointed out that “the factor is the qualitative improvement in the electric energy production sector and the increase in processing hours that the private economic activity has promoted and the impact of this on the development of market activity and the activation of the implementation of investment behavior in a more positive manner, as well as the price stability in which the country is experiencing a state of non-inflation, if it does not The general level of prices grows more than 1 percent in all conditions and is the lowest in modern economic history in Iraq, thanks to the stability of monetary policy tools. ”
Saleh stressed that “the employment movement helps with its contractual or lending programs to reduce unemployment rates and generate sustainability from real economic growth supported by indicators of stability of global energy markets and oil revenues after the appearance of the features of the China-US agreement and in accordance with current international data to face potential problems of the prospect of a global recession.”
He cautioned that “the data above will constitute a wave of optimism in front of the Iraqi people for cohesion and progress towards building prosperity and development and maintaining a syndrome based on economic and social stability.”