International Monetary Fund: Iraq’s current account will decrease next year
The International Monetary Fund expected, today, Thursday, that the current account balance of Iraq will decrease during the current year, and will turn negative in 2024.
The Fund stated in its latest schedule for the current month of May: It is expected that the current account balance for Iraq will decrease during the current year 2023 to 4.4% of GDP, down from 11.6% of GDP for the year 2022.
He added: It is also expected that the account balance for Iraq will decrease to become negative in 2024, to be -2.5% of GDP.
The Fund indicated that: The current account balance of Iraq was negative in 2020, recording -10.9%, to rise in 2021 to 7.8%, and then rose in 2022 to a rate of 11.6%.
It explained that: The highest current account balance for the Arab countries for the year 2022 was for Kuwait, which amounted to 28.5% of the GDP, followed by Qatar with 26%, then Saudi Arabia with 13.8%, while the largest negative balance of the current account among the Arab countries was the share of Tunisia and Jordan with -8.5% and -7.4%, respectively.
Source: National Iraqi News Agency