The future of economic development policies in Iraq in light of oil dependency

Abstract

Abstract

The issue of economic development policies is of great interest to decision-makers in developed and developing countries alike, due to the prevailing belief that interest in this topic will improve the conditions of economic welfare and the standard of living of society. In Iraq, despite the existence of macroeconomic policies, reform programs and transformation programs towards a market economy, they are not managed in a way that contributes to addressing structural problems, improving the efficiency of various economic sectors, enhancing the competitiveness of the public and private sector, and encouraging non-oil exports. Iraq has not witnessed any structural changes  after 2003, when the government did not work to exploit the abundance of oil revenues in implementing development policies similar to the experiences of neighboring oil countries, these policies remained suffering from very slow implementation, due to the problems facing the Iraqi economy, as the lack of funding is a major problem in implementing these The plans, and the survival of the economic development movement in the country is dependent on the movement of oil revenues, in addition to the deviant behavior of the general budget in directing the path of allocating the largest part of public revenues towards operational expenditures at the expense of investment expenditures, which kept the economy weak.