Fri, 2022-06-17 20:21 LONDON: The turnaround in oil markets has significantly improved Iraq’s economic outlook, according to a report released on Thursday by the World Bank. The country is gradually recovering from a severe recession, brought on by the COVID-19 pandemic and the drop in oil prices in 2020. After contracting by more than 11 percent in 2020, Iraq’s economy grew by 2.8 percent in 2021 with the easing of COVID-19 movement restrictions, supported by a solid expansion of non-oil output, in particular services, according to the report.Main category: Middle-East
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