Supporting Private Sector Development in Iraq
While Iraq is a middle-income country it faces challenges which are more commonly found in low income countries. These include dependence on one primary commodity (crude oil); significant infrastructure reconstruction and rehabilitation needs; and...
| Main Authors: | , |
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| Format: | Brief |
| Language: | English |
| Published: |
World Bank, Washington, DC
2012
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2011/11/15572393/supporting-private-sector-development-iraq http://hdl.handle.net/10986/10859 |
| Summary: | While Iraq is a middle-income country it
faces challenges which are more commonly found in low income
countries. These include dependence on one primary commodity
(crude oil); significant infrastructure reconstruction and
rehabilitation needs; and poorly performing regulatory
policies, institutions and processes. Iraq's recent
success in stabilizing its macro economy and budget was an
important step towards reversing this situation. However,
much more needs to be done. For example, oil revenues
generate over 95 percent of budget revenues but the oil
sector employs only one per cent of the labor force.
Developing a strong and healthy private sector is necessary
for Iraq to develop a diversified and resilient market
economy with rising living standards. Furthermore progress
is needed in diversifying its economy and creating healthy
competition in markets to generate employment and
sustainable livelihoods for the majority of its growing
population. Iraq's transition to a more diversified
market economy continues to take place in a fragile
political, security and institutional context. |
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