The World Bank identified an error in the reporting of debt data for 2022 and projections for ensuing years reported in the recently published Iraq Economic Monitor (IEM) Spring/Summer 2023 issue. As a result, the debt-to-GDP ratio in 2022 was corrected from 53.8 percent to 40.8 percent and remains on a downwards trend. The report was corrected, and a revised version was published on the World Bank website on September 7, 2023. All other data and findings remain the same.
The IEM is a biannual report which provides an unbiased snapshot of the Iraq economy and its outlook based on official data available and World Bank analysis. It looks at key economic developments and assesses their implications and other changes in policy on the outlook for Iraq in a longer-term and global economic context. The IEM is disseminated publicly and intended for a wide audience. It serves as a critical analytical instrument to help identify and underpin informed discourse on key economic reforms for the future of Iraq. The Spring/Summer 2023 IEM edition as published here is the accurate basis for informed discourse on its findings.
As Iraq’s recent oil-driven economic recovery faces increasing headwinds and downside risks that weigh on its long-term economic outlook, the World Bank reiterates its commitment to support the Government of Iraq’s drive for reforms to accelerate the pace of economic diversification, sustainable growth and job creation.