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Political turmoil hampered the economic metamorphosis of Iraq, PM's advisor says

Category: Economy

Date: 2021-03-02T12:04:44+0000
Political turmoil hampered the economic metamorphosis of Iraq, PM's advisor says

Shafaq News/ The economic and financial advisor to the prime minister, Mazhar Muhammad Saleh, said on Tuesday that wars and political turmoils had halted Iraq's efforts to eliminate the economy's rentierism.

Saleh said in an interview with Shafaq News, "Iraq has witnessed during the last four decades a lot of wars, sieges, and political conflicts, which led to the dispersion of economic resources," indicating, "development was lost as a result of these wars and that the country needs a resource to keep things going and for people to live. Therefore, oil remained the only resource, and the Iraqi economy remained a monolithic economy."

Saleh added, "Development, stability, diversification of the economy, and transformation from the rentier economy requires political stability and stable institutions, which is what the state has missed over the years."

"Iraq has great economic experiences and minds, but the tough conditions that Iraq passed through due to external and internal wars had a major impact on the survival of the rentierism in the economy of Iraq."

"Three global models for countries that emulate economic development, including the State of Oman. Over the past five decades, Oman enjoyed continuous political and institutional stability that has positively affected its economic development and diversified its resources."

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