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Iraq economy to see growth as stability returns to country

 
 

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Verdict, 3 July 2018

Reaching a speedy conclusion on negotiations to form a new government is the top priority for a country emerging from years of instability.

After a tough year of recession, growth is set to return to Iraq’s economy. Backed by increased oil revenues thanks to the rise in global oil prices, and in spite of the stalling of talks with the Kurdish Regional Government (KRG) in Erbil over restarting the oil export pipeline from Kirkuk to Turkey, Iraq’s economy has finally turned the corner in 2018.

The conclusive hobbling of the Islamic State in Iraq and Syria (ISIS) has allowed Baghdad to get back to the business of repairing its damaged infrastructure, including another pipeline from Kirkuk to refineries and power plants in the south, and drawing up clear reconstruction plans.

Reconstruction plans a sign of stability in Iraq economy

Baghdad’s launch in May of a $35bn reconstruction plan for areas previously under the control of Isis, supported by the EU and UN, signaled that the gears of government are once again turning in the right direction.

Indeed, it is a sign of the country’s new-found relative stability that the biggest source of disruption this year, both actual and potential, has been the ongoing parliamentary election.

Both the outcome, with the ascendance as kingmaker of populist Shia cleric Muqtada al-Sadr, and the prospect of protracted negotiations on the formation of the government have the potential to disrupt or at least delay the execution of important legislation.

Verdict
03/07/2018

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