Iraq's economy faces collapse amid falling oil sales
The Iraqi economy is suffering from a severe decline due to a significant drop in oil exports, which fell from 93 million barrels the previous month to 10 million barrels last month, following the closure of the Strait of Hormuz and the impact of regional tensions. This decrease has led to a reduction in revenues, and Iraq is expected to face an economic contraction of 6.8% during this year, relying on domestic borrowing and bond issuance to meet government expenses. Meanwhile, concerns are growing about the worsening financial crisis and the deterioration of living conditions.
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