Pakistan
The economy of Iraq is highly dependent on oil, and in other words, it can be said that it is based on the oil economy. About 95% of Iraq’s total income comes from the sale of oil. Iraq’s numerous wars and long-term international sanctions have caused Iraq’s economy to lag behind.
About the country of Iraq
Iraq's economy is highly dependent on oil and the basis of the economy is oil. About 95% of the total income is from the sale of oil. Iraq's numerous wars and long-term international sanctions have caused Iraq's economy to lag behind. Oil exports have played a major role in Iraq's economy since the past, accounting for 95% of the country's foreign income. Lack of development in other fields has caused 18 to 30 percent unemployment and a per capita income of $4,000. In 2011, full-time employment in the public sector comprised nearly 60% of all employment. The oil export sector has created very few jobs for Iraqis. Currently, a low percentage of women (the highest estimates in 2011 were about 22%) are officially working. Before the occupation of this country by the United States, Iraq's command economy had prohibited any commercial ownership in Iraq by foreigners, managed many large industries in the form of a government, and imposed severe tariffs on foreign goods. But after the occupation of Iraq in 2002, the government of the temporary coalition of Iraq quickly issued binding orders regarding the privatization of the Iraqi economy and its opening to foreign investors. On November 30, 2003, the Paris Club agreed to forgive 80% (equivalent to $33 billion) of Iraq's $42 billion debt to the club's member countries. The total foreign debt of Iraq in 2012 was equivalent to 120 billion dollars, to which five billion dollars were added by 2013.
The official currency of Iraq
The official currency of Iraq is the dinar. The Provisional Coalition Government, with the help of the Dollar Company, printed and minted new banknotes and coins based on the latest anti-counterfeiting techniques. Estimates indicate that four years after the invasion of Iraq, 2.4 million Iraqis were still displaced and there were two million refugees outside of Iraq. Four million Iraqis lacked food security and a quarter of children were malnourished. Only one third of Iraqi children had access to safe drinking water. According to the research of Transborder Development Institute, international non-governmental organizations are facing challenges in carrying out their activities in Iraq. They often provide their assistance sporadically, secretly, and under unsafe conditions. Funding is not done in a coordinated way and low operational capacity and incomplete information bothers them. These organizations are attacked by militant groups and until 2013, 94 of their workers were killed, 248 injured, 24 arrested or detained, and 89 hostages or missing.
Iraqi industries
The activities of manufacturing industries in Iraq were very closely related to oil industries and the main industries during this period were oil refining, chemical and fertilizer industries. Before 2003, Iraq's imposed debts to a large extent got in the way of product diversification and privatization and the effects of the international sanctions of the 90s. Since 2003, security problems have prevented further efforts to establish new industrial establishments. Building construction was an exception in this sense, in 2000, cement was one of the major industrial products that did not rely on oil and gas. After the many wars in Iraq and the extensive destruction of this country, the building materials and construction industry used its own industries and this industry benefited from government funding and investment for infrastructure industries and residential projects.
The major industries of this country include the following:
Oil industries, chemical industries, textiles and fabrics, leather production and processing, food industries, construction goods, chemical compounds, processing and fertilizer industries, metal processing and manufacturing.
The growth rate of Iraq's industrial production in 2007 was 4%, which ranked 101st in the growth of industrial production among the countries of the world.
Natural resources
According to some estimates, Iraq ranks fifth in the world after Iran with 140.3 billion barrels of oil reserves in its oil fields. This information was obtained based on 2D seismography estimates three decades ago, and the possibility that this country has more oil fields is very high. The oil production of this country reached 3.4 million barrels per day in 2011. In Iraq, until 2009, only 2 thousand oil wells were drilled, while only in Texas, about 1 million wells were drilled. This is despite the fact that Iraq itself is considered one of the founders of OPEC. Despite Iraq's revenues of billions from crude oil exports, this country still does not have the ability to produce electricity for half of its people. This issue has caused public protests many times in the summer season. According to a research conducted in May 2006 in the United States, probably between 100,000 and 300,000 barrels of oil per day of Iraq's announced production during the previous four years were stolen through corruption or smuggling. In 2007, Al Jazeera network presented a report about the calculation errors regarding the 13 billion barrels of Iraqi oil that were under the care of the Americans and claimed that 2.6 billion barrels of this oil were not counted at all. Some reports mention the reduction of corruption figures by the government in the oil sector, but there are still credible and reliable reports about the bribery of government officials. Iraq has three important refineries. Beji Refinery is the largest refinery in Iraq, which is located near the city of Beji in Salah al-Din province. Two other refineries in Baghdad and Basra are located. natural gas Iraqi gas fields are one of the most important sources of energy supply in Iraq. The amount of these gas reserves is estimated between 10 and 15 trillion cubic meters of natural gas. According to the 2006 statistics of the US Energy Administration, 5% of the country's energy consumption is supplied by gas from the country's gas fields.