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Oil Drives Growth in Iraq
The “Global Economic Outlook” report issued by the World Bank indicates that Iraq relies heavily on oil revenues, which have accounted for more than half of the government’s income since 2000. This dependence makes the country vulnerable to fluctuations in global oil prices. A decline in commodity prices leads to worsening financial conditions domestically, especially since financial reserves may not be sufficient to cushion the impact of these downturns. Consequently, Iraq's ability to finance projects and implement vital economic reforms and development initiatives is hindered.
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