World Bank Corrects Iraq Debt-to-GDP Ratio in Report

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World Bank Corrects Iraq Debt-to-GDP Ratio in Report

From the World Bank:

Statement on the Iraq Economic Monitor Spring/Summer 2023

The Iraq Economic Monitor (IEM) Spring/Summer 2023 issue contained erroneous debt data for 2022 and projections for future years, as identified by the World Bank.

As a result, the debt-to-GDP ratio for 2022 was revised from 53.8% to 40.8% and is still decreasing.

The World Bank website published a revised report on September 7, 2023, after making corrections while the data and findings remain the same.

The Iraq Economic Monitor (IEM) report is published twice a year and provides an unbiased overview of the country’s economy and its outlook based on official data and World Bank analysis. It examines significant economic developments and evaluates the impact of policy changes on Iraq’s long-term and global economic situation. The IEM is available to the public and intended for a broad audience. It is an essential analytical tool that helps identify and support informed discussions on key economic reforms for Iraq’s future. The Spring/Summer 2023 edition of the IEM, which is available here, serves as an accurate source for informed discussions on its findings.

Iraq’s economy, which has recently been driven by oil, is currently facing a number of challenges that pose a risk to its long-term outlook. In response, the World Bank wants to reaffirm its commitment to supporting the Iraqi government’s efforts to implement reforms that will help diversify the economy, promote sustainable growth, and create new job opportunities.

Click here to download the full report.