Iraq's economy to shrink by almost 10% in 2020: World Bank
Monday, 05 11 2020, Category: Economy, Country: Iraq
Iraq’s economic prospects have “markedly worsened” amid the novel coronavirus pandemic, according to a new report released by the World Bank.
The report published on Sunday claims that lockdown measures introduced to curb the spread of the virus will cause the economy to contract 9.7 percent this year - threatening to plunge millions into poverty.
The organization has urged the Iraqi government to introduce reforms to diversify the economy, which relies almost entirely on oil revenue to stay afloat.
Iraq’s oil sector has been ravaged by unprecedented drops in oil prices and a halt in production as the world comes to grips with COVID-19.
The country’s oil revenues fell by almost half in April in a second consecutive month of losses, according to oil ministry figures published last week.