International Journal of Accounting and Management Sciences (IJAMS)
Vol1 No.2 October 2022
DOI https://www.doi.org/10.56830/RCCR8434
Author
Karim Naama
Abstract
Research and economic studies in all their aspects show that uncertainty has significant
consequences in all areas of the economy. In recent years, the Iraqi economy has gone
through difficult economic conditions as a result of exacerbations of structural imbalances
and the global health crisis. The global economy witnessed a significant recovery in 2021 as a
result of the improvement in the health situation, the increase in vaccination rates around the
world, and the decline in Covid-19 infections. Economic growth in Iraq has begun to
gradually recover in the wake of the downturn caused by the Corona pandemic during the
past year, partly due to the increase in non-oil economic activity. As for the recovery of the
oil sector, it has had the most prominent impact in changing the course of the Iraqi economy,
and it is expected that the improvement in the conditions of the global oil market will lead to
enhancing economic growth in the medium term and achieving financial surpluses that
contribute to reducing the accumulated debts. Although the economic conditions in Iraq have
gradually improved with the recovery of international oil markets, this recovery is fraught
with major risks posed by structural obstacles, including public investment management
restrictions that affected the provision of public services, the slow repayment of overdue
debts, especially those related to public wages, and the burden of owned banks. The state and
the Central Bank of Iraq’s sovereign debt burden. In addition to the fragility of the political
situation, the weakness of the health care system, and the rampant financial, administrative
and political corruption in various state institutions. In order to orient ourselves better, we
need to look carefully at ways of perceiving the challenges facing the Iraqi economy as a
necessary condition for the country’s development. However, despite the improvement in the
prospects of the Iraqi economy and the recovery of global oil markets, the repercussions of
the Corona virus and the challenges of climate change constitute new risk factors. The
economy is expected to recover gradually against the backdrop of high oil prices and an
increase in the production quotas of the “OPEC +” alliance, which is scheduled to be phased
out in 2022. Oil GDP will be the main engine of growth in the medium term. There is a lot of
research on the state of Iraq from international and local organizations and institutions.
Everyone has proven that the most serious challenge for development in Iraq is insecurity. In
fact, with this material we have to answer the main question: what is the country facing and
what problems are there to solve?
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