IMF: Iraqi Economic Growth Rate Is Still Positive In Presence Of Current Crisis

Iraqi Dinar 123 News:– On Wednesday, The International Monetary Fund issued a statement that Iraqi economy has improved self-effacingly by 0.5 percent during the recent year 2015 because Iraq has also increased its oil production. Iraq has improved its non-oil sector with the omission which was expected in growth rate in medium term but moving positively. It is considered less than the expected rates before starting economic crisis. He also stressed that economic growth of Iraq will be measured by increasing its oil production and focusing on the growth of different non-oil sectors, but the security situation is also considered a major factor.

The International Monetary Fund also added in his report that Iraq is facing a number of severe crisis including continuously declining global oil prices and security threats by Daash organization. Iraqi GDP growth rate was decreased in 2014 by 2.1 percent because poor internal Iraqi security situation and clashes with Daash. The IMF also predicted that downfall in the global oil prices would decrease Iraqi hard currency reserves. He also added that Development Fund allocation for Iraq was recorded at the end of 2013 at 84 billion U.S dollars and at the end of 2014 it was at 67 billion U.S dollars. Point to be noted that expected financial pressures continuously going from bad to worse, for the Iraqi budget deficit with 5.3 percent recorded last year and it is 18.4 percent in the current year. This incident was happened because of downfall in the global oil prices because Iraq is much dependant on its oil exports.

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