Iraq's Economy Faces Rapid Decline

The economic crisis in Iraq is heading towards a downturn, with a significant decline in oil exports—from 93 million barrels to about 10 million barrels last month—due to the closure of the Strait of Hormuz and attacks on regional facilities. This has led to a decrease in revenues, forcing the government to borrow and sell bonds to cover basic expenses, amid expectations that the economy will contract by 6.8% this year. Iraq relies on oil for more than 90% of its revenues, making it highly vulnerable to the deterioration of energy markets and regional tensions.

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