Iraq: Buoyant oil revenues mask deeper problems
Issue 1096 - 23 Jan 2020
Despite continuing, widespread protests focused on official corruption and mismanagement, Iraq enters 2020 with relatively solid economic metrics. Oil exports in 2019 broke records, averaging 3.53m barrels a day (b/d), with 97% of it exported via Basra. With prices heading above $60/barrel, there are sufficient revenues to fund state spending. The World Bank anticipates GDP growing by a respectable 5% this year, thanks to higher crude exports, better rainfall and stronger domestic consumption, fed by an expanding public sector wage bill.
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