Iraq’s economy continues to rebound as crude prices surge
(MENAFN) Based on the International Monetary Fund, Iraq’s economy is rebounding from the previous year’s high reduction supported by higher crude costs and as coronavirus constraints lessen as number of cases decrease and vaccination rates rise.
According to the IMF statement, after its officials hosted a virtual meeting with the Iraqi authorities on the latest economic developments and policy priorities for the nation moving forward, Iraq’s non-crude real gross domestic product is predicted to recover by 12 per cent in 2021, while the fiscal and present account balances are anticipated to advance a lot.
“Inflation has reached 7.2 per cent in September and is projected to ease in the coming months,” the IMF stated. “The fiscal and external current account balances are expected to improve significantly in 2021 from double-digit deficits in 2020, mainly due to higher oil prices.”
Crude prices defeated new coronavirus variant worries to exchange higher at the end of the week hoping that the Omicron is not going to disrupt economic retrieval strategies.
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