Today, the world is going through conditions very similar to the conditions that preceded the economic crisis of 1929, which was known as the Great Depression.
The consequences of which were disastrous for all rich and poor countries. The global economy suffers from several things the worst of them is Corona pandemic, which placed the globe in unprecedented conditions, causing paralysis of all economic sectors, including the main ones in several economically important countries, resulted in a decline in oil prices due to the lack of demand and a decrease in global economic indicators. This is one of the causes of the next economic collapse, which will be the worst historically.
Iraq is a country rich in natural resources and agriculture it is considered one of the countries that have the elements of self-sufficiency and export as well, but due to the policy followed from 1958 and the wars that the country fought to the present day .
the policy adopted from 2003 to the present day by destroying the country’s economy in a deliberate and systematic manner, not to mention the rampant corruption in all parts of the state.
Making the remainder of the Iraqi economy dependent mainly on the sale of oil in a try to maintain its annual budget that exceeds the 120 billion dollars (the total salaries of all Iraqi countries are four billion and four hundred million dollars per month, which is approximately 53 billion dollars annually.
approximately 70 billion dollars annually goes in the pockets of the corrupt and their bank balances, noting that the monthly revenues of oil sales are three billion one hundred and fifty million dollars, as a result of the low global oil prices, which puts the countries ’budget in front of a large financial deficit and their inability to pay salaries for the current month, not to mention the weakness of the Iraqi dinar in exchange for The dollar, the government is trying to solve through borrowing, whether domestic or global, and this puts the economy under pressure to repay loans and its high interests, even if oil prices rose as expected at the end of 2021, it will help to bear part of the bridging of the new loans and will not help reduce the monthly or annual deficit, for a simple example of rampant corruption in the country, the Central Bank of Iraq sold from 1 / 1/2020 to 9/1/2020 a value of $ 27 billion at prices lower than the official exchange rate in order to support merchants in importing goods to the country, and it is known that imported goods are subject to customs duties, starting from 5% and up to 300% (such as alcoholic drinks and cigarettes) If we consider the average rate of customs duties of 20% then the debt of fees paid to the central treasury through the border ports exceeds 5 billion dollars, and the shocking matter is that the treasury of customs fees is only 450 million dollars !!!!! It is obvious that we ask a question: Where did the rest go ?? !!
The current government is trying to bring foreign investors to establish new economic projects.
The question here is whether the government has a clear and correct plan for the projects that are the basis for building the country’s economy.
Will these projects be outside the control of the corrupt political class in the country and revert to what the previous projects have turned into!!!.
All of the above gives a clear view to the honorable reader with the difficulty of the economic situation of Iraq in the coming years, which will result in new secretions affecting all sectors of the country.
