Wold Bank: Iraq must diversify its economy

Shafaq News / The World Bank's representative in Iraq, Ramzi Niman, said on Wednesday that Iraq has an opportunity to diversify its economy.

Niman said in a speech during the "Access to Finance" conference that Iraq is progressively addressing the economic crisis that started in 2020, when the oil prices dropped, noting that the Iraqi economy started developing in 2021, after oil prices increased and its revenues surged.

He added that the World Bank thinks Iraq can reconsider its government plans, diversify its economy, and address the manpower crisis, pointing out that the way to do so is by supporting small enterprises.

Iraq's almost-full reliance on oil revenues puts it at great risk, and forces it to accumulate debts every time a global crisis that affects oil prices occurs.