WB Revises Down Iraq GDP Growth

The World Bank has revised down its estimates for growth in Iraq. In its MENA Economic Update (previously known as MENA Economic Monitor), it says the forecast for GDP growth in Iraq for 2023 has been updated to -2.3 %, 5.1 percentage points less than the forecast in April 2023, and significantly less than the 7.0 % observed in 2022. It projects a figure of 4.3 % in 2024.

Growth in real GDP per capita in Iraq is projected to fall to -4.5 %, markedly less than the 4.7 % increase in 2022. By the end of 2023, real GDP per capita is expected to be 15.3 % below 2019 levels. Inflation is expected to fall from 5 % in 2022 to 4.8 % this year, and 4.0 % next year.