Iraq’s Prime Minister’s financial advisor, Muthar Mohammed Saleh, announced today that the nation’s economy is on a steady path toward growth and transformation in the coming years. He noted that the economic advancements projected for 2024 will be pivotal in expanding Iraq’s investment opportunities and economic activities by 2025.
Speaking to the Iraqi News Agency (INA), Saleh elaborated on the “accelerator principle,” a concept in economics that highlights how Iraq’s forecasted 6% non-oil GDP growth rate in 2024 will significantly enhance national investment levels in the following year.
Laying the Groundwork for 2025 Investments
Saleh emphasized that the anticipated economic growth in 2024 will serve as a springboard for robust investment expansion in 2025. According to the accelerator effect, an increase in national income stimulates demand for goods and services, which in turn encourages businesses to scale up production. This expansion results in heightened investments in infrastructure, machinery, and job creation.
As businesses respond to rising economic demand, Iraq’s productive capacity is set to experience a positive ripple effect. Saleh also noted that a strong agricultural season and favorable rainfall could further bolster these outcomes, contributing to greater economic stability and growth.
Public-Private Collaboration: A Key Driver of Progress
Saleh attributed Iraq’s developmental strides to the synergy between public and private sectors. This collaboration has fostered an environment conducive to business growth and encouraged both domestic and international investments.
The shift in strategy toward income diversification, reducing dependency on oil, and pursuing sustainable economic policies underscores Iraq’s commitment to long-term development.
A Bright Economic Future for Iraq
Iraq’s economic prospects for 2024 offer a glimpse of hope and progress, with non-oil GDP growth projected at 6%. This growth sets the stage for a surge in investments and broader economic expansion by 2025.
Through strategic planning, public-private partnerships, and favorable market conditions, Iraq is poised to embark on a new chapter of prosperity. Businesses, investors, and citizens alike can anticipate an era of economic opportunity and growth.
