Iraq rises to 49th in global economies ranking for 2023

Shafaq News/ Iraq has climbed to the 49th position in the list of the world's largest economies for the year 2023, a notable advancement from its 52nd rank in the previous year, as per a report by the International Monetary Fund (IMF).

The report, which considers the gross domestic product (GDP) data of 190 countries, underscores Iraq's improving economic status.

With a gross domestic product of 267.89 billion dollars, Iraq has secured the fourth spot among Arab countries for the second consecutive year. Saudi Arabia claims the lead in the Arab world and ranks 18th globally with a GDP of $1.06 trillion. The United Arab Emirates follows with a GDP of $498.98 billion, while Egypt holds the third position with a GDP of $387 billion. Qatar ranks just ahead of Iraq in 49th place, boasting a GDP of $219 billion, followed by Algeria with $262 billion.

The IMF report highlights the five largest economies globally in 2023: the United States, China, Japan, Germany, and India. The United States maintains its top position with a staggering GDP of $26.85 trillion, followed by China with $19.37 trillion and Japan with $4.41 trillion. Germany and India round up the top five, with GDPs of $4.31 trillion and $3.74 trillion, respectively.