The International Monetary Fund said on Monday that Iraq is expected to become the fifth largest economy in the Arab world in 2026, and it believes the country’s economy will keep growing through 2030.
In its latest report, the IMF explained that Iraq’s economy, based on purchasing power, is expected to reach about $739 billion. This would place Iraq 44th in the world.
The report also showed how the top Arab economies rank. Saudi Arabia is in first place, followed by Egypt, then the United Arab Emirates, Algeria, and Iraq in fifth.
On the global level, the same major economies are still leading. China is number one, followed by the United States, and then India.
The report gave more details about Iraq’s economy. Its total GDP is around $274 billion, with a growth rate of 3.6%. The average income per person is about $15,850, with a population of over 46 million people.
It also noted that inflation is stable at 2.5%, which is a good sign. However, there is still a budget gap, with public finances showing a deficit of 7.1%, and a smaller current account deficit of 1.1%.
Overall, the IMF sees steady progress. The message is simple: Iraq’s economy is growing, and if things stay on track, it should continue improving over the next several years.
