After six months of haggling – which is far from a record – the Chamber of Representatives’ 6 May vote has endowed Iraq with a new government. Mustafa Al-Kadhimi’s administration would face daunting challenges even without the sharply deteriorating economic outlook, triggered by plunging oil revenues. Iraq is one of the biggest losers from the slump: based on an average $30 a barrel ($/bbl) Brent crude price, the International Energy Agency (IEA) has forecast a 70% drop in revenues, while Fitch Ratings expects GDP to contract by almost 10% this year.
Extra Large Article
£595
(Access to one GSN article)
Subscribe to Gulf States Newsletter