{"id":359148,"date":"2023-12-20T19:30:05","date_gmt":"2023-12-20T22:30:05","guid":{"rendered":"https:\/\/anba.com.br\/iraq-expected-to-close-2023-with-account-deficit-imf\/"},"modified":"2024-03-22T17:09:58","modified_gmt":"2024-03-22T20:09:58","slug":"iraq-expected-to-close-2023-with-account-deficit-imf","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/iraq-expected-to-close-2023-with-account-deficit-imf\/","title":{"rendered":"Iraq expected to close 2023 with account deficit: IMF"},"content":{"rendered":"<p>S\u00e3o Paulo \u2013 Iraq\u2019s economy is expected to grow less and record an account balance deficit this year and in 2024 due to the reduction in oil revenue and increased public spending. In a release made public this Tuesday (19), the International Monetary Fund (IMF) said the country had adopted measures to contain inflation and stabilize the economy. However, there are challenges for the next two years. <em>Pictured above, a construction in the capital, Baghdad.<\/em><\/p>\n<p>From December 12 to 17, Iraqi authorities and an IMF staff team met in Amman, Jordan, to assess the Iraqi economic outlook. After the visit, the head of the mission, Jean-Guillaume Poulain, released a statement. In the release, Poulain said the country\u2019s non-oil industries are projected to close this year with a growth of 5% and maintain a solid expansion for next year.<\/p>\n<p>However, lower activity in the oil sector is expected to slow down the country\u2019s Gross Domestic Product (GDP) growth this year and in 2024. Among the reasons for the lower oil output are the production cuts approved by the Organization of the Petroleum Exporting Countries and its allies (OPEC+), of which Iraq is a permanent member, and the closure of a pipeline connecting it to Turkey.<\/p>\n<p>In the Fund\u2019s release, Poulain also expressed concern about the country\u2019s account deficit this year, which is expected to increase in 2024 despite the surplus in 2022. \u201cThe large fiscal expansion, including a substantial increase in public hiring and pensions, creates permanent spending that will put pressure on public finances over the medium term,\u201d said Poulain in the document.<\/p>\n<p>The IMF also noted that Iraqi inflation has already dropped since the peak recorded in January and is expected to stabilize in the coming months due to the tighter monetary policy of the Central Bank of Iraq, lower food prices, and normalization of trade finance.<\/p>\n<p><strong>Translated by El\u00fasio Brasileiro<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Projections by the International Monetary Fund also estimate a deficit for 2024 due to the slowdown in economic activity and increased public spending.<\/p>\n","protected":false},"author":2316,"featured_media":357767,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[5676,47049,27134,550,28576,553,1988,481,591,27310,47052,2168,2164,47050,12924,47053,47051],"class_list":{"0":"post-359148","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-activity","9":"tag-atividade","10":"tag-economia-en","11":"tag-economy","12":"tag-fmi-en-2","13":"tag-gdp","14":"tag-imf","15":"tag-industry","16":"tag-iraq","17":"tag-iraque-en","18":"tag-oil-companies","19":"tag-opec","20":"tag-opep","21":"tag-petroliferas","22":"tag-pib-ar","23":"tag-sector","24":"tag-setor"},"wps_subtitle":"Projections by the International Monetary Fund also estimate a deficit for 2024 due to the slowdown in economic activity and increased public spending.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/359148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=359148"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/359148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/357767"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=359148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=359148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=359148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}