In its latest World Economic Outlook (WEO), the International Monetary Fund (IMF) has forecast a sharp slowdown in Iraq’s economy this year, followed be a strong recovery in 2021.
“The COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity.
“As a result of the pandemic, the global economy is projected to contract sharply by -3 percent in 2020, much worse than during the 2008-09 financial crisis.”
Following a 3.9-percent increase in Iraq’s real GDP in 2019, it predicts a fall of 4.7 percent this year, and growth of 7.2 percent next year.
Consumer price inflation is expected to be 0.8 percent in 2020 and 1.0 percent in 2021.
Iraq Business News