Tuesday, July 5, 2022

Baghdad

World Bank expects Iraq to achieve largest GDP growth in 2022 amongst Arab countries

 World Bank expects Iraq to achieve largest GDP growth in 2022 amongst Arab countries

The 17 Ramadan Mosque in Firdos Square, Baghdad, Iraq.

Baghdad (IraqiNews.com) – The World Bank issued a report in April expecting Iraq to achieve the largest growth in GDP and per capita amongst the Arab countries for the year 2022. 

The World Bank stated in the report: “Iraq’s GDP may grow this year by 8.9%, exceeding the rest of the Arab countries, including Qatar, which is expected to witness a growth of 4.9%, Saudi Arabia 7%, Kuwait 5.7%, the UAE 4.9%, Algeria 3.2% and Egypt 5.5% Jordan 2.3% and Morocco 4.3%.”

The report added: “The growth of Iraq will decline in 2023, but it will also remain higher than the rest of the Arab countries, except for Egypt.” 

The World Bank report also indicated that: “Iraq will be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3%, while the per capita growth in Saudi Arabia will be 5.5%, Kuwait 4.5%, Bahrain 1.4%, and Egypt 3.6% Qatar is 4.5%, while Morocco will decrease by 0.1%.”

Experts in the World Bank praised the positive steps taken by the Iraqi government through the Ministry of Finance in its measures for the fiscal policy and the structure of the Iraqi economy in general, in addition to its adoption of an extensive package of measures and plans of medium and long-term impact in the face of the repercussions of inflation, high global prices and the consequences of the corona pandemic.