European Bank: Strait Closure Impact on Iraq's Economy

The European Bank for Reconstruction and Development reported that the closure of the Strait of Hormuz led to a significant decline in Iraq's economy, with it expected to shrink this year due to the impact on oil exports, adding pressure on economic growth. The report forecasted that Iraq's economy would grow by 2.5%, which is 0.6 percentage points lower than previous projections, with increased risks stemming from higher energy prices, rising borrowing costs, and regional events such as the war in Lebanon and its effects on economic activity. Additionally, the approximately 30% rise in wheat prices since February and the decline in Ukrainian exports are exacerbating economic challenges in the region.

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