Middle East & North Africa
Iraq
Iraq is one of the most oil‑dependent countries in the world. Over the last decade, oil revenues have accounted for more than 99% of exports, 85% of the government’s budget, and 42% of gross domestic product (GDP). This excessive dependence on oil exposes the country to macroeconomic volatility, while budget rigidities restrict fiscal space and any opportunity for countercyclical policy. As of January 2021, in a country of 40.2 million, Iraq’s unemployment rate was more than 10 percentage points higher than its pre‑COVID‑19 level of 12.7 percentage points. Unemployment among the displaced, returnees, women jobseekers, pre‑pandemic self‑employed and informal workers remains elevated.
The economy is gradually recovering from the oil and COVID‑19 shocks of 2020. Real GDP is estimated to have edged up by 1.3% in 2021, after a sharp contraction of 11.3% in 2020. Both oil and non‑oil growths are on track to reach their pre‑pandemic levels, as oil production increases and the easing of COVID‑19 restrictions restore domestic economic activity. The non‑oil economy grew by over 6% in the first nine months of 2021 (9M‑21) (year‑over‑year), owing to a solid performance in the services sectors as COVID‑19 containment measures were eased. This recovery outpaced the slowdown in the oil sector as Iraq adjusted to its OPEC+ quota early in the year.
Source: World Bank, Iraq Country Overview
Access the Iraq SDG Investor Map narrative report here.
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Food and Beverage, Education, Renewable Resources and Alternative Energy
0.673
How is this information gathered?
SDG Investor Maps employ an 8-step methodology, combining data research and stakeholder consultations to identify Investment Opportunity Areas (IOAs) and potential business models with significant financial and impact potential.
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