Iraq confronts challenging year with less oil and higher debt
The Iraqi economy is facing intense pressures due to disruptions in navigation through the Strait of Hormuz and a decline in oil exports, despite rising global crude prices. The International Finance Institute forecasts a 22% decrease in Iraqi oil exports in 2026, along with an 11% contraction in real GDP, rising fiscal deficit, and threats to the budget, foreign reserves, and the current account.
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