Iraq: Modern Economy, Challenges and Prospects

 
PIIS032150750004754-1-1
DOI10.31857/S032150750004754-1
Publication type Article
Status Published
Authors
Affiliation: Sergo Ordzhonikidze Russian State Geological Prospecting University
Journal nameAsia and Africa Today
EditionIssue 5
Pages69-73
Abstract

The article analyzes the features of socio-economic development of the Republic of Iraq in 2010-2017 .possessing significant reserves of various mineral resources, especially oil and gas, extracting huge volumes of this raw material and exporting it to the world market, Iraq is traditionally included in the system of international division of labor mainly as an oil supplier, occupying in

2017 the 4th place in the world in terms of the value of exports of «black gold». However, in the conditions of instability in the world oil market and especially as a result of the military conflict that took place in 2014-2016, the need to restore the national economy and, above all, the oil segment is becoming more and more urgent for the state. The article shows that the national economy of Iraq, including the hydrocarbon sector and infrastructure, has suffered enormous material damage. As a result, there has been a significant reduction in GDP and other key macroeconomic indicators, including oil production and exports, as well as a deterioration in living standards and an increase in mortality.

Economic recovery, which began in 2017 and continued in 2018, is the most important task of the state in the future. This will, however, require significant financial resources and efforts from both the public and non-governmental sectors, which in turn necessitate the institution-building of the country.

According to the author, technological development and international cooperation play an important role in the process of economic recovery of the Republic of Iraq. The analysis of the current economic situation in the Republic of Iraq is based on UNCTAD statistics and official data from the government of Iraq.

KeywordsMiddle East, Iraq, economic development, economic recovery, hydrocarbon segment, investments
Received14.05.2019
Publication date22.05.2019
Number of characters10893
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