Iraq is starting to see investment and action in the construction sector led by higher cement demand. The country’s government is pushing its agenda for new infrastructure and for the doubling of cement capacity.
When the COVID-19 pandemic struck in 2020, the Iraqi economy declined by 15.7 per cent. Its recovery to pre-2019 levels took two years and in 2023 a growth rate of 3.7 per cent was seen, according to the IMF.
Reliance on the oil sector remains strong as Iraq has the world’s second largest reserves, but lower oil output and the closure of the Iraqi-Turkey oil pipeline are expected to impact sharply on the country’s GDP in 2024. For 2024 the IMF forecasts a GDP growth of 3.1 per cent.
