Tishwash: The World Bank marks “long-term scars” for Iraq and other countries
The World Bank expected, today, Tuesday, to leave the Coruna virus “long-term scars” on developing and emerging market countries and oil exporters, including Iraq.
The bank said in the analytical chapters of its new report, “Global Economic Prospects”, and seen by Shafaq News, that it expects to leave the Corona virus and the resulting recession “long-term scars” on developing and emerging market countries, indicating that the greatest harm will be caused to oil exporters and those who suffer From financial crises.
The bank added that emerging market countries suffering from financial crises may witness an eight percent decline in their production over five years, while oil-exporting developing countries will lose 11 percent of their output.
And Iraq, which is the most prominent oil-exporting country, is going through a stifling financial crisis, due to the drop in the price of a barrel of oil since the outbreak of the Corona virus, which led to fears of the impact of the decline and lack of revenue on the federal budget for 2020 and the impact of the operational budget and the salaries of government employees and retirees. link