As part of its MENA Economic Report Update, The World Bank reports that Iraq's economy is expected to make a 'remarkable recovery', with growth of 2.8% expected for 2019, before increasing to 8.1% for 2020.
Iraq's economy contracted 1.7% in 2017 and then achieved a modest growth of 0.6% in 2018, following the end of its war with Islamic State Group. The country's 'non oil' economy also showed promise with growth of 4% last year.
The improved outlook for Iraq is the product of a significant improvement in the security situation across the country, in addition to higher global oil prices.
Following he formation of its new Government, the World Bank report added that further spending on reconstruction could support a boost to the country's economy for many years to come.
Source: World Bank