Decline in Oil Production in Iraq Will Reduce GDP Growth in 2023 and 2024

The International Monetary Fund stated today, Tuesday, that "the decline in oil production in Iraq following the closure of the pipeline between Iraq and Turkey and the production cuts by the OPEC+ alliance will reduce Iraq's GDP growth in 2023 and 2024." The Fund also added that the "significant" fiscal expansion in Iraq's three-year budget law poses considerable risks to financial and external sustainability in the medium term.