The International Monetary Fund (IMF) estimates showed that Iraq's non-oil sector recorded real growth of 6 percent in 2023, with its momentum expected to continue in 2024.
The IMF expects higher spending to push the price of a barrel of oil needed for fiscal breakeven above $90 this year. The fiscal deficit is expected to reach 7.6 percent in 2024. The IMF called on Iraq to undertake broad structural reforms to promote private sector development and economic diversification. According to the IMF, headline inflation eased from 7.5 percent in January (last year to 4 percent at the end of the same year, thanks to lower global food and energy prices.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
