Iraqi Economists Network

شبكة الاقتصاديين العراقيين

Energy & Electricity

World Bank* Iraq Electricity Services Reconstruction and Enhancement Project (P162454)

1. Despite massive economic and human potential, Iraq has suffered  from  decades  of  conflict  and
economic volatility. The government of Iraq (GoI) faces the dual  challenge  of  stabilizing  and  growing  the
economy while also ensuring security, jobs, and basic services to Iraqis across the country. A resource‐rich,
middle‐income country, Iraq has experienced internal and regional struggles seeking to align political institutions
with  diverse  and  cross‐cutting  socioeconomic,  ethnic,  and  religious  identities.  As  highlighted  in  the  Iraq
Systematic Country Diagnostic (SCD) report of 2017, the combination of oil wealth and the mismanagement of
political  and  social  diversity  has  led  to  acute  fragility  and  conflict,  exacerbated  by  long‐standing  governance
problems and the challenge of ensuring a more equitable allocation of national resources.
2. Economic growth has decelerated sharply over the past few years. The war against the Islamic State of
Iraq and Syria (ISIS) and a protracted reduction in oil prices have resulted in 21.6 percent reduction of the non‐
oil economy since 2014. Iraq’s high dependence on oil implies that overall growth is estimated to have contracted
by 0.8 percent in 2017, due to a 3.5 percent reduction in oil production, following an agreement by Organization
of Oil Exporting Countries (OPEC) and non‐OPEC oil producers to cut oil production by the end of 2018. The 2018
national poverty rate is estimated at 20.0 percent  and includes 2.8 million people who fell into poverty as a
direct result of the war against ISIS.

To read full text of the report please click on the following link:

Iraq-Electricity-Services-Reconstruction-and-Enhancement-Project

Source: Worldbank

http://documents1.worldbank.org/curated/en/504001557108087756/pdf/Iraq-Electricity-Services-Reconstruction-and-Enhancement-Project.pdf

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