During the IBBC’s 15^th Annual Retreat at Cumberland Lodge, Professor Frank Gunter of Lehigh University and the IBBC Advisory Council, gave his overview of the present economic situation in Iraq. He examined two major challenges facing Iraq’s incoming government: an urgent fiscal crisis and the growing need to create sustainable employment opportunities for its young population.

In the report, Professor Gunter explores the severe pressure on public finances following disruptions to oil exports, declining government revenues, widening budget deficits and mounting payment arrears. He examines the implications of the recent devaluation of the Iraqi dinar and the difficult fiscal and policy decisions facing the government.

Looking beyond the immediate crisis, Professor Gunter emphasises that Iraq’s longer-term economic stability depends on the growth of a vibrant private sector capable of generating productive jobs for its expanding workforce. He highlights the challenges businesses face, including declining revenues, rising costs, complex regulations and limited access to finance.

The report calls for meaningful reforms to simplify business regulations, improve access to banking and finance, streamline customs procedures and encourage domestic and international investment. It also stresses the importance of consistent, predictable economic policies to build business confidence and support sustainable private sector development.

Read the full report here>>>