According to Trading Economics global macro models and analysts, Iraq’s GDP per capita is anticipated to reach 5500.00 USD by the end of 2021. According to our econometric models, the Iraq GDP per capita is expected to trend around 5900.00 USD in 2022.
What is Iraq’s average per capita income?
The figures are in current US dollars. Iraq’s GDP per capita in 2020 was $4,157, a decrease of 26.53 percent from 2019. The GDP per capita in Iraq in 2019 was $5,658, up 2.45% from 2018. Iraq’s 2018 GDP per capita was $5,523, up 8.79 percent from 2017.
Is Iraq a wealthy nation?
Iraq is one of the world’s most oil-rich countries. At the end of 2017, the country had the fifth biggest proved crude oil reserves, with 147.22 billion barrels.
What is Iraq’s unemployment rate?
Unemployment refers to the percentage of the labor force that is unemployed yet looking for job. The unemployment rate in Iraq in 2020 was 13.74 percent, up 0.98 percent from the previous year. The unemployment rate in Iraq in 2019 was 12.76 percent, down 0.11 percent from 2018.
Is Iraq a developing country?
During the Cold War, the term “Third World” was coined. It was a term that was used to identify countries that were not part of the Communist Bloc or NATO. The First World included countries such as Canada, the United States, Western Europe, and South Korea. China, the Soviet Union, and Cuba were all considered Second World countries. This concept was used to divide the world’s countries into three fundamental groupings based on their economic and political divisions.
The term “third world” has been less popular after the demise of the Soviet Union and the end of the Cold War. Nowadays, we use phrases like developing countries. Due to the fact that it no longer represents the current economic and political reality of the world, the concept has grown more obsolete. Is Iraq, then, a Third-World country?
Yes, Iraq is a developing country. The country was regarded a second-world country in the 1960s and 1970s due to its stability and safety, as well as its robust economy as evidenced by its gross national income. It was also a member of several international committees. However, during the Gulf Wars, the countries quickly lost their standing, and the phrase “third world” started to be associated with them.
Iraq has gone through some difficult times in recent years, evolving from a country with a lot of potential to one that is battling to maintain its unity. The current status of the Iraqi people is most comparable to that of struggling African countries and portions of the Middle East such as Somalia and Yemen.
Iraq’s economic situation is unclear.
Iraq is a Middle Eastern country bordering the Persian Gulf. Iran, Jordan, Kuwait, Saudi Arabia, Syria, and Turkey are all neighbors. Iran is strategically located at the head of the Persian Gulf, on the Shatt al Arab waterway. The Tigris and Euphrates rivers, which flow from northwest to southeast, traverse through the middle of Iraq. The government is a parliamentary republic, with the president as the chief of state and the prime minister as the head of government. Iraq has a mixed economic system, with some individual liberty and weak centralized economic planning and government regulation. Iraq belongs to the League of Arab States (Arab League).
Is there any oil in Iraq that the US owns?
Iraqi capital Baghdad – While the US military has legally completed its occupation of Iraq, ExxonMobil, BP, and Shell remain among the world’s major oil companies.
Royal Dutch Shell clinched a $17 billion flaring gas contract on November 27, 38 months after announcing its pursuit of a major gas agreement in southern Iraq.
Three days later, Emerson, a US-based energy company, placed a bid for a contract to operate Iraq’s massive Zubair oil field, which is estimated to store eight million barrels of oil.
Emerson was won a contract earlier this year to deliver crude oil metering systems and other equipment for a new oil terminal in Basra, which is now under construction in the Persian Gulf, and the business is installing control systems at Hilla and Kerbala power plants.
BP is already developing Iraq’s supergiant Rumaila oil field, and Royal Dutch Shell is developing Iraq’s other supergiant deposit, Majnoon oil field. Both fields are in Iraq’s south.
Iraq has 112 billion barrels of oil reserves, second only to Saudi Arabia, according to the US Energy Information Administration (EIA). Due to decades of US-led warfare and economic sanctions, the EIA believes that up to 90% of the country remains undiscovered.