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Samson » September 21st, 2021

Iraq advances five places in the global prosperity index

20th September, 2021

Iraq advances five places in the global prosperity index Follow-up – Iraq has advanced five places in the global prosperity index of the Legatum International Institute, according to a report by the institute published by The National News website.

A report, followed by (Al-Oula News), stated that “Iraq ranked 137th in the prosperity index of the Legatum International Institute, registering an increase from the 142nd rank it occupied in 2010, with other economic indicators also improving.”

The report added, “Iraq climbed To the ranks of various economic indicators over the past decade, as government financial reforms aimed at ensuring stability have yielded positive results, according to the Legatum Prosperity Index for the year 2020.”

He pointed out that “the index shows that Iraq advanced five ranks to 137th out of 167 countries in 2020, up from 142nd in 2010, after it was one of the least prosperous countries.” Especially economic quality, access to markets and infrastructure, as well as social inclusion, although the measure of people’s empowerment fell by one point.”

The Legatum Institute report emphasized, “Prosperity is much more than just wealth. It is achieved when all people have the opportunity and freedom to thrive. Prosperity supports an inclusive society, with a strong commitment to protecting fundamental freedoms and security for every individual.”

According to the UK-based Legatum Research Institute, “Prosperity is driven by an open economy that harnesses ideas and talent to create sustainable pathways out of poverty, and is built by empowered people, who contribute and play their role in creating a society that promotes prosperity.” It will grow by 1.9 percent this year, and expand by 6.3 percent over the next two years, on the back of a recovery in oil prices and higher OPEC + production quotas, and non-oil GDP is expected to recover in 2021, growing by 5.5 percent, according to the report.

The Legatum Prosperity Index, now in its fourteenth year, measures the extent to which countries have succeeded in enhancing the economic and social well-being of their populations in three areas: inclusive societies, open economies, and empowering their populations. Iraq’s score rose in two of these three overarching categories that determine a country’s prosperity performance. In the indicator, Iraq “advances three places in the category of inclusive society, which includes subsections of safety and security, personal freedom, governance, and social capital, and also advances by seven places in the category of open economy, which includes subdivisions of investment environment, conditions of the institution, and access to markets, and economic quality.” He continued: “However, it has fallen one rank in the category of empowering individuals, which includes measures of living conditions, health, education and the natural environment.”Iraq is preparing to attract large foreign investments to the energy sector, in conjunction with the expected rise in revenues after the OPEC + decision to raise production, which will help strengthen its weak financial position, and it is worth noting that Baghdad is a founding member of OPEC and the second largest producer in the group.  The World Bank said in its report for the spring of 2021 The Iraq Economic Monitor said, “The recent recovery in oil prices provides an opportunity to move forward with reforms.”

The bank added: “With oil prices rising above $60 per barrel, Iraq can actively participate in the White Paper reforms and use these windfall gains to mitigate potential impacts.” For these reforms.” The World Bank also stated that “the country’s economic prospects depend on the prospects for the global oil market, the implementation of reforms, and the evolution of the Covid-19 pandemic.  ”The Covid-19 crisis, along with the decline in oil revenues last year due to the decline in global demand and the reduction in OPEC + production, dealt a severe blow to the rentier economy in the country, like many countries affected by the epidemic, as the Iraqi economy contracted by 10.4 percent in 2020 after its growth by 4.5 percent the previous year, according to the World Bank. And Iraq’s economy is expected to return to pre-pandemic levels of economic growth by 2024, according to the International Monetary Fund.

Iraq has begun taking much-needed steps to ensure economic stability in the future, where the Central Bank of Iraq devalued the currency by about 23 percent against the US dollar in December, a move that the International Monetary Fund expects to help reduce external imbalances and preserve foreign exchange reserves. 

The International Monetary Fund stressed that the 2021 draft budget aims to reduce the fiscal deficit through various measures to increase non-oil revenues and contain the unsustainable expansion of pension and government wage bills.  LINK

Source: Dinar Recaps

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