World Bank reveals significant decrease in Iraqi per capita income
On Thursday, the World Bank revealed a significant decrease in the Iraqi per capita share of the total national income, noting that it amounted to 4 thousand and 660 dollars in the year 2020.
The bank said, in an official statistic, that "the Iraqi per capita share of the total national income during the year 2020 amounted to 4 thousand and 660 dollars, down from the year 2019, in which the per capita share amounted to 5 thousand and 490 dollars."
The bank added that "the highest per capita share of Iraq during the past 40 years was in 1990, when it amounted to 7 thousand and 70 dollars before falling to 70 dollars in 1991, to rise again after 2003," noting that "the highest per capita share of Iraq during The past 20 years was in 2013 when it reached 7 thousand and 50 dollars, before it went down again in 2014, which amounted to 6 thousand and 750 dollars.
An earlier report by the Institute of International Finance indicated that Iraq’s economy in 2020 constituted the country’s worst economic performance since 2003, and that the country is expected to witness limited economic growth over the next two years, ranging between 1.6 percent in 2021 and 3.1 percent in 2022.
The expected improvement is due to the possibility of increasing oil exports and improving prices, compared to 2020.
In addition, the report indicated that the current account balance has shifted from a surplus in 2019 to a deficit in 2020, and the state's financial reserve has decreased.