Political and security situation affects the economic growth in Iraq, Official says

Shafaq News/ The Iraqi Ministry of Planning said, on Wednesday, that economic growth in Iraq is affected by the political and security situation.

The Ministry’s spokesperson Abdul-Zahra Al-Hindawi said in an interview with Shafaq News Agency that "multiple circumstances affect the Iraqi economy, including the increase of revenues in addition to the political and security stability," noting that "the stability would encourage investment and implementing projects."

He added that implementing these projects would secure financial revenues, which undoubtedly reflect on the rate of economic growth."

Al-Hindawi pointed out that "Iraq has reached, earlier in the past years, a growth in the gross domestic product between 7 to 8%."

The International Monetary Fund expected significant growth in the Iraqi economy to reach 10.5 percent in 2022, compared to 3.6 percent in 2021 and 15.7 percent in 2020, and also predicted a decrease in the inflation rate to 4.5 percent.

Iraq is going through political tensions due to the results of the early parliamentary elections. Political forces and influential Shiite factions rejected the results which raises fears of violence in the country.