Iraq Occupies A Central Position On The Map Of Global Economic Powers.
Money and Business Economy News – Baghdad
A recent report released on Thursday by the US-based economic data and analytics platform Visual Capitalist, based on International Monetary Fund forecasts, shows that the global economy is projected to reach approximately $126 trillion by 2026, with global output continuing to be concentrated in a limited number of major economies.
According to the platform’s report, which was followed by “Al-Eqtisad News,” the United States, China, Germany, and Japan lead the global economic scene, as these four countries together account for nearly half of the global GDP, while the United States alone accounts for nearly a quarter of the global economy.
The report indicated that Iraq ranks 56th globally with a GDP estimated at about $265 billion, representing about 0.2% of the global economy, which places it among the relatively medium to low economies worldwide.
He explained that Iraq is among the group of economies that exceed the threshold of hundreds of billions of dollars, along with countries such as Nigeria, Kazakhstan and Portugal, indicating that it possesses large economic resources, especially in the energy sector, but it is still far from the levels of economic diversification and productivity achieved by major industrial economies.
The report added that global economic growth is gradually shifting towards Asia, led by India and Indonesia, at a time when major economies such as Germany and Japan are facing relatively weak growth rates.
He indicated that India is poised to strengthen its position as an emerging economic power in the coming years, with expectations of growth rates exceeding 6%, which could contribute to redrawing the map of the global economy in the medium term.
Conversely, the report noted the continued widening gap between major economies and the rest of the world, with Middle Eastern countries, including Iraq, remaining in a position of flux between structural challenges and opportunities related to energy markets and future economic diversification potential. https://www.economy-news.net/content.php?id=68789
Oil Rebounds From Two-Week Lows On Uncertain Peace Outlook
2026-05-07 Shafaq News Oil prices rose over $1 on Thursday, rebounding from the previous day’s sharp losses, as investors weighed the prospects of a Middle East peace deal succeeding.
Brent crude futures were up 78 cents, or 0.8%, at $102.05 a barrel at 0400 GMT. U.S. West Texas Intermediate gained 76 cents, or 0.8%, to $95.84 a barrel.
Both benchmarks slumped more than 7% on Wednesday, hitting two-week lows on optimism over a possible end to the Middle East war. They pared losses, however, after U.S. President Donald Trump said it was “too soon” for face-to-face talks with Tehran and a senior Iranian lawmaker said the U.S. proposal was more of a wish list than a reality.
“While peace negotiations are likely to continue at least until next week’s U.S.-China summit, the outlook beyond that remains uncertain,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.
Trump and Chinese President Xi Jinping are scheduled to meet next week.
“The main scenario is that oil prices will remain elevated,” Kikukawa said.
Iran said on Wednesday it was reviewing a U.S. peace proposal that sources said would formally end the war while leaving unresolved the key U.S. demands that Iran suspend its nuclear program and reopen the Strait of Hormuz.
An Iranian foreign ministry spokesperson cited by Iran’s ISNA news agency said Tehran would convey its response. Trump said he believed Iran wanted an agreement.
A Pakistan mediation source and another person briefed on the talks said an agreement was close on a one-page memorandum that would formally end the conflict.
U.S. media outlet Axios reported that the U.S. expects Iranian responses on several key points in the next 48 hours, citing sources saying this is the closest the parties had come to an agreement since the war began.
“From a broader perspective, oil markets have remained stuck between diplomacy and disruption for more than two months, with investors’ emotions being manipulated by headlines almost daily,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
“If a formal deal eventually materialises, oil prices could witness a free fall as geopolitical premiums rapidly evaporate from the market. However, any fresh signs of attacks on oil infrastructure or escalation in the Middle East could easily trigger another parabolic spike in crude prices.”
Even if a peace deal is reached, oil supplies are expected to tighten further in coming weeks because it will take weeks for oil shipments to resume from the Middle East Gulf and reach refiners worldwide – so oil companies will continue to deplete storage tanks to meet peak summer demand.
U.S. crude and fuel inventories continued to decline last week as countries sought to offset supply disruptions caused by the Iran crisis, the Energy Information Administration said on Wednesday.
Crude stocks fell by 2.3 million barrels to 457.2 million barrels last week, compared with analyst expectations in a Reuters poll for a 3.3 million-barrel draw.
(REUTERS) https://www.shafaq.com/en/Economy/Oil-rebounds-from-two-week-lows-on-uncertain-peace-outlook
Finance Committee: Regularizing Contracts Does Not Increase The Burden Of Salaries Or The Budget In Any Way.
Money and Business Economy News – Baghdad The parliamentary finance committee announced on Thursday that it has prepared a comprehensive study to regularize contracts without financial burdens on the treasury, while noting that there is a near-final agreement to convert daily wages into ministerial contracts.
Committee member Uday Awad said, according to the official agency, that “there is a study prepared to stabilize the contracts and this does not cost the treasury any financial burdens.”
He explained that “employees’ salaries amount to more than 7 trillion dinars,” indicating that “adding contracts does not increase the burden of salaries or the budget at all, because the matter is limited to changing the job title from contract to permanent staff, and there are some additions in a number of departments that can be dealt with through transfer between spending categories.”
Regarding the daily wage, Awad stated that “the daily wage will be converted into a ministerial contract, especially for those who were appointed after 2019, as there is a near-agreement to convert them into ministerial contracts.”
The member of the Finance Committee continued, “Financial security is stable, but sending the budget from the new government will provide the legal basis for borrowing, as well as increasing non-oil revenues and addressing the issue of non-oil revenues with the Kurdistan Region.” https://www.economy-news.net/content.php?id=68788
Iraq Is Among The Top Destinations For Turkish Exports, With Strong Growth Last Month.
Money and Business Economy News – Baghdad Iraq was among the key markets that supported the growth of Turkish exports during April 2026, at a time when the Mediterranean Exporters Associations in Turkey announced strong results in a number of regional and international markets.
The head of the associations, Faisal Mameesh, said in a statement followed by “Al-Eqtisad News”, that the value of their exports reached $1.65 billion during last April, an increase of 27% compared to the same period last year.
He noted that export performance witnessed clear momentum in the Italian and German markets, while strong growth was also observed in the Iraqi markets, in addition to the Romanian, Spanish and Egyptian markets.
Mameesh explained that this increase was driven by increased exports of iron, minerals, chemicals, fruits, vegetables, grains, legumes and oilseeds, which are commodities that are in growing demand in the Iraqi market.
The inclusion of Iraq among the fastest growing markets reflects the continued expansion of trade between Baghdad and Ankara, especially given the Iraqi market’s reliance on foreign imports to secure some food, construction materials, and industrial goods.
Turkish associations also expect this export momentum to continue in the coming months, aiming to achieve annual growth exceeding 10% by the end of the year. https://www.economy-news.net/content.php?id=68790
FIFA Responds To Accusations Of “Extortion” In Ticket Pricing For The 2026 World Cup
Money and Business Economy News – Baghdad Gianni Infantino defended the pricing policy for World Cup 2026 tickets, asserting that FIFA operates in accordance with special local laws in the United States that allow for the resale of tickets at prices higher than their original value.
FIFA faced widespread criticism, with the European Football Supporters’ Organization describing ticket prices as “extortionate” and filing a formal complaint with the European Commission objecting to what it considered excessive pricing.
The controversy intensified after offers to resell tickets for the tournament final, scheduled to be held in New York, circulated at prices exceeding two million dollars per ticket, a shocking figure compared to the official price.
But Infantino stressed that these figures do not reflect the original price, but rather the resale market, adding that the price increase is related to the large demand for the tournament.
When comparing prices, the difference becomes clear:
2022 World Cup Final in Qatar: Official maximum ticket price around $1600
2026 Final: Up to approximately $11,000 official maximum
Infantino believes this increase is “justified” given the development of the entertainment industry globally.
The FIFA president explained that selling tickets at low prices would simply lead to them being resold at higher prices, arguing that the market determines the true value, not just the organizing body.
He also noted that FIFA received more than 500 million ticket requests, a record number that far exceeds the demand for previous editions, which explains the significant increase in prices.
Nevertheless, Infantino confirmed that about 25% of the group stage tickets were offered for less than $300, noting that this price remains competitive compared to the prices of major sporting events in the United States.
