Iraq Economy to Grow 1.5%

The year 2018 is likely to be Iraq’s lucky year, as its economy is expected to witness a boost amid reconstruction efforts, Menafn reported. Iraqi economy is forecast to grow 1.5% in 2018 before accelerating 4.5% in 2019, BMI Research, a unit of rating agency Fitch, said in a report. “The Iraqi economy will experience a muted recovery in 2018, before picking up notably in 2019,” BMI said. “The extension of the Opec deal until end of 2018 will continue to weigh on the country’s exports through the end of the year.” The amount spent on  rebuilding will improve the country’s non-oil economy and higher government spending ahead of the May elections will enhance consumer spending, BMI said. The estimated cost of reconstruction for Iraq which announced the defeat of Islamic State terrorists in the end of 2017 is estimated at between $88 billion and $100 billion in the next decade. The government received $30 billion in pledges at the International Conference for the Reconstruction of Iraq in February.