Iraq Economic Monitor - Protecting Vulnerable Iraqis in the Time of a Pandemic - Urgent Stimulus and Economic Reforms

Jul 19, 2026

Iraq Economic Monitor (Fall 2020) assesses how COVID-19 and weak oil prices interact to affect household poverty and broader economic performance in Iraq. The report reviews recent economic and policy developments across output and demand, oil and gas, public finance, external sector conditions, monetary policy, and prices. It then presents an outlook and key risks, followed by a special focus analyzing pre-pandemic welfare conditions and tracing how the twin crises translated into changes in poverty outcomes. The publication concludes with discussion and references, complemented by selected topics and data-driven figures.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages56

Reading Time2 h 21 min

AccessFree to download

Executive Summary

Recent Economic and Policy Developments

Outlook and Risks

Special Focus: Impacts of COVID-19 and Weak Oil Prices on Household Poverty in Iraq

Selected Topics from Recent Iraq Economic Monitors

IRAQ ECONOMIC MONITOR Protecting Vulnerable Iraqisin the Time of a Pandemic, the Case for Urgent Stimulus and Economic Reforms Public Disclosure Authorized Public Disclosure Authorized Fall 2020 Middle East and North Africa Region Iraq Economic Monitor Protecting Vulnerable Iraqis in the Time of a Pandemic, the Case For Urgent Stimulus and Economic Reforms With a Special Focus on Impacts of COVID-19 and weak oil priceson household poverty in Iraq Fall 2020 Middle East and North Africa Region TABLE OF CONTENTS Acronyms ............................................................. vii Acknowledgments ....................................................... ix Executive Summary ...................................................... xi الملخص التنفيذي ...................................................... xiii 1 . Recent Economic and Policy Developments .................................... 1 Introduction ................................................................................... 1 Output and Demand ........................................................................... 2 Oil and Gas Developments ...................................................................... 5 Public Finance ................................................................................ 6 External Sector ................................................................................ 9 Monetary Policy and Prices .................................................................... 10 2 . Outlook and Risks ..................................................... 13 Outlook ..................................................................................... 13 Risks and Opportunities ....................................................................... 14 Special Focus: Impacts of COVID-19 and Weak Oil Prices on Household Poverty in Iraq .......... 19 Introduction .................................................................................. 19 Pre-COVID-19 Pandemic Welfare Conditions in Iraq ............................................... 19 Impacts of the Twin Crises (COVID-19 and Oil Prices) on Household Poverty ..........................22 Discussion and Conclusions ...................................................................26 References .................................................................................. 29 Selected Topics from Recent Iraq Economic Monitors ................................ 31 Selected Recent World Bank Publications on Iraq .................................. 33 List of Figures Figure 1 Confirmed COVID-19 Cases and Deaths have Steadily Risen ............................... 2 Figure 2 The Positive 2019 GDP Growth Was Reversed in H1-20…...................................3 Figure 3 … Adding to the Challenge of Economic Convergence with Regional and Income Peers ........3 Figure 4 The H1-20 Contraction Was Broad Based …..............................................4 Figure 5 …but Was Partly Mitigated by a Strong Agriculture Growth ..................................4 Figure 6 COVID-19 Impacted the Recent Consumption Driven Growth Trend…........................4 Figure 7 … Leading to Containment Measures to Become More Growth-Oriented Since Mid-2020 .......4 Figure 8 Oil Production and Exports Plummeted Following Weaker Global Demand and OPEC+ Cuts…..5 Figure 9 …leading to Oil Prices to Recover but Remain Below the Budgeted Amount ...................5 Figure 10 Oil Income, the Major Source of Revenues, Has Been Hit Hard…............................ 6 Figure 11 … but Existing Rigidities in Expenditures Including High Wage Bill Remain in Place ............6 Figure 12 Realization Rates of Budget Target Deteriorated Further as the Economy Deteriorated .........7 Figure 13 The Majority of the Stock of Debt and Guarantees are from External Sources .................7 Figure 14 The Declin

FAQs

What is the report’s central theme in Fall 2020?

The report focuses on protecting vulnerable Iraqis by examining how COVID-19 and weak oil prices contribute to household poverty, and why urgent stimulus and economic reforms are needed.

Which areas are covered in the assessment of recent economic and policy developments?

It covers output and demand, oil and gas developments, public finance, the external sector, and monetary policy and prices.

What does the special focus section analyze?

It reviews pre-COVID welfare conditions in Iraq and analyzes the impacts of the twin crises—COVID-19 and oil prices—on household poverty, including discussion and conclusions.

Jul 19, 2026

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