Iraq's economic growth ranks among lowest globally: report
The report, issued by CEO World magazine covering 190 countries, highlights Iraq's challenging economic trajectory amid enduring conflicts and crises.
ERBIL (Kurdistan 24) – Iraq finds itself among the nations grappling with the most sluggish economic growth over the past half-decade, securing the 10th spot globally and the third in the Arab world, according to a recent report.
The report, issued by CEO World magazine covering 190 countries, highlights Iraq's challenging economic trajectory amid enduring conflicts and crises.
As a nation deeply affected by wars and regional instability, Iraq's economic growth has been severely hampered in recent years.
Sudan emerges as the country with the lowest economic growth rate over the past five years, followed closely by Ukraine and Venezuela.
In the Arab world, Iraq trails behind Sudan and Yemen, facing an average economic growth slowdown of 0.85 percent from 2020 to 2024.
2020 stands out as Iraq's bleakest economic period in half a decade, with a staggering 12 percent decline in growth.
However, amidst the tumultuous landscape, the nation's economic outlook shows a glimmer of hope, with projections indicating a resurgence in 2022, marked by a notable 6.9 percent growth.
The report underscores various factors contributing to the global economic slowdown, including the COVID-19 pandemic, regional conflicts such as the Russian invasion of Ukraine, civil unrest in Sudan, ongoing Middle East conflicts, and the imposition of economic sanctions.
Despite these challenges, Iraq remains poised to navigate its economic recovery path in the coming years, albeit against a backdrop of persistent uncertainties and adversities.
