Iraq Economic Monitor, Fall 2021 : The Slippery Road to Economic Recovery

The fall 2021 issue of the Iraq Economic Monitor provides an in-depth review of the latest macroeconomic and policy developments amidst a global recovery in international oil markets and as COVID-19 restrictions begin to ease. As a result, the moni...

Full description

Bibliographic Details
Main Author:	World Bank
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2021
Subjects:	ECONOMIC GROWTH OIL AND GAS PUBLIC FINANCE EXTERNAL SECTOR MONETARY POLICY ECONOMIC OUTLOOK RISK WATER SCARCITY CLIMATE CHANGE IMPACT WATER SECTOR WATER DEMAND WATER RESOURCE MANAGEMENT WATER UTILITIES
Online Access:	http://documents.worldbank.org/curated/undefined/981071637593726857/Iraq-Economic-Monitor-The-Slippery-Road-to-Economic-Recovery http://hdl.handle.net/10986/36620

id	okr-10986-36620
recordtype	oai_dc
spelling	okr-10986-366202021-11-30T05:10:43Z Iraq Economic Monitor, Fall 2021 : The Slippery Road to Economic Recovery World Bank ECONOMIC GROWTH OIL AND GAS PUBLIC FINANCE EXTERNAL SECTOR MONETARY POLICY ECONOMIC OUTLOOK RISK WATER SCARCITY CLIMATE CHANGE IMPACT WATER SECTOR WATER DEMAND WATER RESOURCE MANAGEMENT WATER UTILITIES The fall 2021 issue of the Iraq Economic Monitor provides an in-depth review of the latest macroeconomic and policy developments amidst a global recovery in international oil markets and as COVID-19 restrictions begin to ease. As a result, the monitor finds that the economic prospects for Iraq have improved, with GDP projected to grow from 2.6 percent in 2021 to exceed 6 percent in 2022-23, turning both fiscal and external deficits into surpluses. Nevertheless, upstream risks like oil shocks, droughts, and new COVID-19 variants; coupled with fiscal risks like growing budget rigidities, slow clearance of arrears, large exposure of state-owned banks and the central bank to the sovereign, and public investment management constraints that impact public service delivery can all materialize anytime to turn the tide as Iraq’s recent history has repeatedly shown. The breadth and depth of these challenges underscore the need for an accelerated implementation of structural reforms by the new government along the lines of the White of Paper. The Special Focus of the report discusses water scarcity and the degradation of water quality in Iraq. It highlights the large losses water issues impose across multiple sectors of the economy and the impact on vulnerable people. Indeed, a 20 percent reduction in water supply with changes in crop yields could reduce real GDP in Iraq by up to 4 percent, or US$6.6 billion. The monitor highlights the importance of dealing with those issues to reduce fragilities and identifies three reform areas to improve resilience to water scarcity and climate change impacts through water efficiency, productivity, and demand management policies; institutional solutions; and regional solutions. 2021-11-29T15:14:12Z 2021-11-29T15:14:12Z 2021-11 Report http://documents.worldbank.org/curated/undefined/981071637593726857/Iraq-Economic-Monitor-The-Slippery-Road-to-Economic-Recovery http://hdl.handle.net/10986/36620 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling Middle East and North Africa Iraq
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ECONOMIC GROWTH OIL AND GAS PUBLIC FINANCE EXTERNAL SECTOR MONETARY POLICY ECONOMIC OUTLOOK RISK WATER SCARCITY CLIMATE CHANGE IMPACT WATER SECTOR WATER DEMAND WATER RESOURCE MANAGEMENT WATER UTILITIES
spellingShingle	ECONOMIC GROWTH OIL AND GAS PUBLIC FINANCE EXTERNAL SECTOR MONETARY POLICY ECONOMIC OUTLOOK RISK WATER SCARCITY CLIMATE CHANGE IMPACT WATER SECTOR WATER DEMAND WATER RESOURCE MANAGEMENT WATER UTILITIES World Bank Iraq Economic Monitor, Fall 2021 : The Slippery Road to Economic Recovery
geographic_facet	Middle East and North Africa Iraq
description	The fall 2021 issue of the Iraq Economic Monitor provides an in-depth review of the latest macroeconomic and policy developments amidst a global recovery in international oil markets and as COVID-19 restrictions begin to ease. As a result, the monitor finds that the economic prospects for Iraq have improved, with GDP projected to grow from 2.6 percent in 2021 to exceed 6 percent in 2022-23, turning both fiscal and external deficits into surpluses. Nevertheless, upstream risks like oil shocks, droughts, and new COVID-19 variants; coupled with fiscal risks like growing budget rigidities, slow clearance of arrears, large exposure of state-owned banks and the central bank to the sovereign, and public investment management constraints that impact public service delivery can all materialize anytime to turn the tide as Iraq’s recent history has repeatedly shown. The breadth and depth of these challenges underscore the need for an accelerated implementation of structural reforms by the new government along the lines of the White of Paper. The Special Focus of the report discusses water scarcity and the degradation of water quality in Iraq. It highlights the large losses water issues impose across multiple sectors of the economy and the impact on vulnerable people. Indeed, a 20 percent reduction in water supply with changes in crop yields could reduce real GDP in Iraq by up to 4 percent, or US$6.6 billion. The monitor highlights the importance of dealing with those issues to reduce fragilities and identifies three reform areas to improve resilience to water scarcity and climate change impacts through water efficiency, productivity, and demand management policies; institutional solutions; and regional solutions.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Iraq Economic Monitor, Fall 2021 : The Slippery Road to Economic Recovery
title_short	Iraq Economic Monitor, Fall 2021 : The Slippery Road to Economic Recovery
title_full	Iraq Economic Monitor, Fall 2021 : The Slippery Road to Economic Recovery
title_fullStr	Iraq Economic Monitor, Fall 2021 : The Slippery Road to Economic Recovery
title_full_unstemmed	Iraq Economic Monitor, Fall 2021 : The Slippery Road to Economic Recovery
title_sort	iraq economic monitor, fall 2021 : the slippery road to economic recovery
publisher	World Bank, Washington, DC
publishDate	2021
url	http://documents.worldbank.org/curated/undefined/981071637593726857/Iraq-Economic-Monitor-The-Slippery-Road-to-Economic-Recovery http://hdl.handle.net/10986/36620
_version_	1764485624894586880

Iraq Economic Monitor, Fall 2021 : The Slippery Road to Economic Recovery

Similar Items