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Iraq - Reforming the economy for shared prosperity and protecting the vulnerable (Vol. 2) : Executive summary (English)

The Kurdistan Region of Iraq (KRI) is a constitutionally recognized semiautonomous region in northern Iraq. Its government, the Kurdistan Regional Government (KRG), based in Erbil, has the right, under the Iraqi constitution of 2005, to exercise legislative, executive, and judicial powers according to the constitution, except in what is listed therein as exclusive powers of the federal authorities. The Iraqi constitution defines the Kurdistan Region as a federal entity of Iraq. KRG has a parliamentary democracy with a regional assembly that consists of 111 seats. KRG is facing a wide range of immediate and medium to longer-term challenges that are intrinsically linked to the overall macroeconomic situation of Iraq as well as the regional and global environment. The immediate challenge consists in coping with (a) the deep fiscal crisis, and (b) the security and social problems brought about by the conflict with the Islamic State in Iraq and Syria (ISIS) group and the resulting influx of Syrian refugees and Iraqi Internally Displaced Persons (IDPs). These challenges are clearly immediate priorities for the KRG, and would bear significant repercussions nationally and internationally if inadequately addressed. The medium to longer-term challenges pertain to moderating dependence on the oil sector and transforming the KRI economy into a diversified one that supports private sector-led economic growth and job creation in a sustainable manner.

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Details

  • Author

    Kulaksiz,Sibel, Goonesekere,Rapti A., Belhaj,Ferid, Kouame,Auguste Tano

  • Document Date

    2016/05/29

  • Document Type

    Working Paper

  • Report Number

    106109

  • Volume No

    2

  • Total Volume(s)

    2

  • Country

    Iraq,

  • Region

    Middle East and North Africa,

  • Disclosure Date

    2016/06/01

  • Disclosure Status

    Disclosed

  • Doc Name

    Executive summary

  • Keywords

    Oil & Gas;Oil and Gas;poverty and social impact analysis;regional and global value chains;investment need;Pensions and Social Insurance;social safety net program;adverse social impact;efficiency in public spending;public financial management system;Oil and Gas Sector;medium term expenditure framework;Technical and Vocational Education;small and medium size enterprise;marginal propensity to save;marginal propensity to import;Transport and ICT;education and training system;legal and regulatory framework;oil sector;economic reform;public sector employment;social insurance system;growth and development;Social Safety Nets;social protection mechanism;natural resource revenue;access to finance;fiscal crisis;oil revenue;competitive private sector;significant adverse impact;trade and investment;demand for water;weak financial system;deteriorating water quality;law and regulation;barriers to service;wages and salary;array of service;private sector productivity;market to competition;influx of refugees;success of reform;local private sector;private sector activity;vulnerable population group;social protection framework;income tax rate;weak financial infrastructure;Civil Service Reform;social protection system;private sector business;natural population growth;high oil price;quality of supply;power generation capacity;oil export revenue;natural gas shortage;medium-term expenditure planning;number of banks;Public Procurement System;inclusive economic growth;social protection reform;international oil price;impact of volatility;central government budget;safety net system;water resource development;water service delivery;improving service delivery;water user association;social sector reform;Electricity Sector Reform;standard of living;social protection program;private sector resource;Energy Sector Reform;private investment;public expenditure;fiscal adjustment;reform actions;annual budget;fiscal revenue;fiscal consolidation;banking sector;business environment;Financial Sector;political tension;fiscal capacities;security threat;loss reduction;inclusive growth;policy priority;Water Shortage;economic diversification;fiscal position;fiscal situation;crowding out;global market;Labor Market;entrepreneurial spirit;high volatility;fiscal multiplier;local production;Cash Transfer;institutional framework;humanitarian crisis;social assistance;fiscal burden;donor community;Public Employment;grievance mechanism;skill formation;future employment;enabling environment;regional connectivity;geopolitical events;transit trade;budgetary transfer;Wage Bill;employment rate;working age;governance mechanism;regional assembly;volatile revenue;parliamentary democracy;federal authority;Water Security;exclusive power;trade route;budget transfer;oil dependency;agricultural land;young population;tradable sector;domestic production;expenditure growth;international market;negative effect;budget credibility;core functions;labor supply;liquidity crisis;economic security;strategic framework;fiscally sustainable;weak bank;categorical targeting;human capital;beneficiary household;Displaced Population;long-term investment;delivering services;consumption level;informal care;pension spending;fiscal deficit;austerity measures;policy formulation;pension system;improve revenue;public transfer;improving infrastructure;administrative capacity;external shock;mitigation measure;financial resource;reform process;strategic objective;entrepreneurship support;working capital;military force;business transaction;security risk;core objectives;youth labor;policy regime;market economy;policy tool;sectoral reform;Public Services;regulatory power;oil infrastructure;digital technology;open access;trade development;business cycle;export basket;legal certainty;investment spending;border policy;local population;financial disruption;global network;macroeconomic situation;adversely impact;security challenge;education level;Job Creation;water sector;sustainable use;global environment;agricultural input

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Citation

Kulaksiz,Sibel Goonesekere,Rapti A. Belhaj,Ferid Kouame,Auguste Tano

Iraq - Reforming the economy for shared prosperity and protecting the vulnerable (Vol. 2) : Executive summary (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/992661468195837755/Executive-summary