The Role of Economic Reform in the Development of the Iraqi Economy for the Period (2003-2020)

Abstract

The issue of economic reform takes a prominent position in the ongoing debate and discussion at both the economic and political levels. As such, this research has discussed some aspects of the process of economic reform in Iraq. The Iraqi economy is suffering from structural economic and financial imbalances, primarily due to the high contribution of the oil sector and the decline in the contribution of other productive sectors, especially the industrial and agricultural sectors, both in gross domestic product and in general state revenues. After 2003, the economic philosophy shifted from a comprehensive economy to a market economy, which worked on taking important measures, including price liberalization and liberalization of foreign trade, in an attempt to prepare the Iraqi economy for the process of economic reform. Despite the achieved results, they cannot be relied upon, as they were not at the required level. Therefore, it is necessary to move forward in the process of economic reform to address the economic problems and structural imbalances that the economy faces, and then achieve the desired economic development.