The reality of economic development in Iraq after 2003: determinants and means of advancement

The economic development in Iraq faces complex problems as a result of an old legacy. For 30 years, the Iraqi government has not financed economic development in a manner that leads to the development of non-oil sectors and the establishment of a broad economic base with diversified and sustainable sources of income. Of the availability of huge financial revenues from the oil sector because of the wars led by the former regime and subsequent economic sanctions for more than a decade, as well as the large external debt and the subsequent debt service and compensation. There was no clear strategy for economic development to solve the sectoral problems of the Iraqi economy, which requires a new development path in the region. A new strategy framework that would channel a large part of public spending towards investment spending in order to create productive projects with high returns and productive assets that retain their value and are able to increase this value for the benefit of this generation as well as future generations.