Economic Diversification in Iraq (Between the Challenges of the Present and the Potential of the Future

• Post by: Muthanna mjdes
• October 27, 2022
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Haider Talib Musa

College of Administration and Economics/ Al-Muthanna University

Abstract

The follower for marching of the Iraqi economy believes that its economic and even political stages, which we refer to here, as they played the most prominent role in the formulation of economic policies, have made it as a rentier economy with excellence in spite of the abundance of human and material resources. Despite this abundance, no serious efforts based on scientific basis’s to escape the rentier trap, but in fact the efforts were in essence represent a political approach with an economic nature. The economic policy makers did not adopt a correct approach based on investing high oil surpluses, but on the contrary the public budgets of the Iraqi state is built based on the international  oil price. This has reflected the economic growth rates, which despite that have achieved high positive numbers in some years (especially after 2003), but we can consider it as a digital growth that does not reflect the diversity of national income sources or more precisely the real growth in the productivity of different sectors of the national economy . This study shows the continuity of the distortions and chronic imbalances in the structure of the Iraqi economy and the inability to support the growth and development and achieve sustainability.

DOI:10.52113/6/2020-10-1/100-117