Economy of Iraq

Common card · No. 204707

Iraq has a developing, upper-middle income economy, dominated by the oil sector. The IFAD has classified Iraq as an oil-rich upper middle income country. In 2025, the economy is estimated to be at $690 billion (GDP PPP), ranking it as the 5th largest in the Arab world, 7th in the Middle East and North Africa and 51st largest economy in the world. In terms of gold reserves, Iraq is among the top five Arab countries, and holds the 30th position globally. Economic growth began in the 1970s. The oil industry was nationalized in 1972, followed by a sharp increase in the price of petroleum. Revenue generated from the petroleum sector were utilized in development projects and expanding social services, which turned Iraq into a highly developed country. Although the Iran–Iraq War led to the damage of infrastructure, Iraq remained economically stable. However, the Gulf War in 1991 and subsequent sanctions drained Iraq's economy. An oil-for-food program by the United Nations allowed Iraq to sell...

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