Iraq’s Spending Surpasses Economic Powerhouses: Time for Strategic Change

In a striking revelation, Iraq's annual expenditure has reached an impressive $100 billion, surpassing the spending levels of economic powerhouses such as the UAE, Malaysia, and Singapore. According to Manar Al-Obeidi, President of the Iraq Future Foundation, Iraq generated 1,028 trillion Iraqi dinars in revenue over the past decade, predominantly from oil exports, which constituted 92% of the total income. Despite this significant wealth, Iraq's economic landscape remains narrowly focused on the oil sector, starkly contrasting with diversified economies elsewhere.

"The irony lies in the fact that these countries do not possess the vast natural resources or the sizable population that Iraq enjoys, yet they've successfully developed prosperous economies with smaller budgets," Al-Obeidi remarked. He highlighted that Iraq’s yearly expenditure exceeds that of the UAE ($65 billion), Malaysia ($82 billion), and Singapore ($77 billion). However, these nations boast robust economies, with diversified sectors contributing significantly to their GDPs, unlike Iraq, which continues to rely heavily on oil revenues.

Al-Obeidi stresses that Iraq’s challenge is not rooted in resource scarcity but in resource management. "The issue has never been the lack of resources, but rather their management and deployment toward sustainable development," he explained. Advocating for substantial economic reforms, Al-Obeidi emphasized the necessity of diversifying the economy, improving expenditure efficiency, and combating financial waste. He concluded poignantly by referencing a widely-circulated developmental mantra: "A stable government to improve development management." Any deviation from this simple yet crucial directive, he warns, risks undermining Iraq's entire developmental trajectory.

@MelaniastasiaRomanov✅

Iraq’s Spending Surpasses Economic Powerhouses: Time for Strategic Change

In a striking revelation, Iraq's annual expenditure has reached an impressive $100 billion, surpassing the spending levels of economic powerhouses such as the UAE, Malaysia, and Singapore. According to Manar Al-Obeidi, President of the Iraq Future Foundation, Iraq generated 1,028 trillion Iraqi dinars in revenue over the past decade, predominantly from oil exports, which constituted 92% of the total income. Despite this significant wealth, Iraq's economic landscape remains narrowly focused on the oil sector, starkly contrasting with diversified economies elsewhere.

"The irony lies in the fact that these countries do not possess the vast natural resources or the sizable population that Iraq enjoys, yet they've successfully developed prosperous economies with smaller budgets," Al-Obeidi remarked. He highlighted that Iraq’s yearly expenditure exceeds that of the UAE ($65 billion), Malaysia ($82 billion), and Singapore ($77 billion). However, these nations boast robust economies, with diversified sectors contributing significantly to their GDPs, unlike Iraq, which continues to rely heavily on oil revenues.

Al-Obeidi stresses that Iraq’s challenge is not rooted in resource scarcity but in resource management. "The issue has never been the lack of resources, but rather their management and deployment toward sustainable development," he explained. Advocating for substantial economic reforms, Al-Obeidi emphasized the necessity of diversifying the economy, improving expenditure efficiency, and combating financial waste. He concluded poignantly by referencing a widely-circulated developmental mantra: "A stable government to improve development management." Any deviation from this simple yet crucial directive, he warns, risks undermining Iraq's entire developmental trajectory.

@MelaniastasiaRomanov✅