Iraq ranks 1st among Arab countries with fastest GPD growth

Shafaq News / Iraq ranked first among Arab countries with the fastest GPD growth, Global Finance Magazine reported.

Iraq's GDP reached 9.5% in 2022, after it recorded 5.9% in 2021, and -15.7% in 2020.

The report noted that Iraq is followed by Kuwait, Saudi Arabia, Egypt and Oman.

Iraq ranked sixth among 197 countries, including Guinea which topped the list with 47.2%, followed by Macao SAR with 15.5%, and Barbados with 11.2%.

"Experts have already warned of the so-called "resource curse," that is, the mismanagement of revenue from oil extraction that historically been linked to slow economic growth, corruption, authoritarianism and a whole array of social maladies as the example of Venezuela demonstrates", the statement said.

It added, "To address these concerns, Guyan's government has implemented a sovereign-wealth fund and promised to invest all oil profits in the construction of roads, schools and hospitals."