الآثار الاقتصادية لإنخفاض أسعار النفط على الاقتصاد العراقي 2014-2016

Abstract EN

The global economy proved to be very sensitive to the volatility of the oil market.

the consumers and the developed countries are the beneficial from oil prices collapse.

this will depend on the passing though coefficient, magnitude, and the duration of the decline.

the issue is quite the opposite for the producing countries.

price decline will resulted in serious reduction in government revenue and expenditures, curtailing the execution of the development plans and projects, which will lead to GDP contraction.

the effect of oil price decline will be transmitted to the whole economic activities through the oil revenues which is the sole financier of the government expenditure.

Iraq economy is a one sided economy, relying totally on oil revenue to fuel the economic activity.

so the current decline in oil prices will result in serious consequences.

the Iraqi planner forced to stop most investment projects, rationalize the recurrent expenditure, and reduce the pace of economic activity.

to remedy the current situation and cushion the effect of oil price volatility in the future on development process and general economic activities, the paper suggested several actions on short, medium and long terms.