Iraq Records Highest Economic Growth in History in 2022
“The reason is due to the increase in Iraq’s exports by about one million barrels compared to the period of Coronavirus pandemic emergence, and also the increase in oil prices by 40% as well as, the major reconstruction campaign in the liberated cities,” Salih told the Al-Iraqiya News TV and the Iraqi News Agency (INA).
He noted that "there is a fourth reason. It’s the due to the activity of the digital communications sector, and the fifth is due to the initiative of the Central Bank, which amounted to 19 trillion dinars and provided housing loans plus supporting youth projects".
Salih explained that there are financial savings represented by the increase in the Central Bank’s reserves that support economic stability, and others related to the rise in oil prices. It ranges, according to our estimates, between $15-$20 billion, and this should be invested in a budget legislation for the next year, specially since the budget represents 50% of the value of the domestic product. It has an investment aspect that supports the development sector in the country and maintains good growth rates.
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