Iraq: Top 5 Arab economy in 2024
Shafaq News/ Five Arab countries, including Iraq, accountedfor 72% of the region’s GDP, which surpassed $3.6 trillion in 2024, accordingto a new report from the Arab Investment & Export Credit GuaranteeCorporation ("Dhaman") released on Sunday.
The UAE, Saudi Arabia, Egypt, Iraq, and Algeria emerged as theleading contributors to the Arab economy, the report showed.
The forecast for 2025 suggests a 4.1% growth in the Arabeconomy, driven by strong performances in 14 countries, including nine oilproducers, which together make up around 78% of the total GDP.
Despite economic challenges, the analysis highlights a boostin oil and gas export revenues, though crude oil production dropped by 4%, withuneven growth across the region.
Iraq continues to play a central role in the Arab economy,with its reliance on oil exports alongside government efforts to diversifyincome sources and increase investments in other sectors.
Per capita income in the Arab world reached $7,557 in 2024,with a modest increase expected to $7,602 in 2025. The population surpassed 467million, growing by 2%.
Inflation in the region climbed to 12% last year, but isexpected to ease to 8.5% in 2025. Unemployment rose to 9.7%.
Arab foreign trade saw a 3.6% increase, reaching $3.3trillion, thanks to a 1% rise in exports and a 7% jump in imports.
Foreign exchange reserves across Arab countries grew by3.7%, reaching $1.2 trillion, enough to cover imports for more than eightmonths.
The region's government debt decreased to 48.3% of GDP, withfurther reductions expected, dropping to 47.6% in the coming year.
