Iraq Economy Has an Opportunity To Grow After the War

Posted by on November 4, 2019 in Stuff with 0 Comments

After surviving the war for years and finally overcoming Islamic State of Iraq and Syria (ISIS), the country is reclaiming its old former glory before the destruction. Iraq has many challenges to overcome as a nation. In fact, IMF says even after the war and the ISIS, the country requires addressing economic challenges facing it.

However, the end of ISIS and better oil prices has given hope to the country, which depends entirely on oil revenue. It will also help to address long-standing socio-economic needs. Iraqi President Barham Salih said in early 2019 that the country had seen an increase of budget with a 27% compared to 2018.

With proper mechanisms, the country can witness a progressive growth even though at a prolonged rate. To achieve this, fighting Corruption in Iraq is critical to help promote the effectiveness of public institutions and to support job creation plus private sector investment.

Learning from Others

The success of Iraq may seem like an uphill task or not doable, but following examples from other countries that were revived after a tough war bring an array of hope. There are many successful cases from Africa, Latin America, and Europe, where they turned painful chapters of their lives into a cohesive future. Even that, reconciliation is not a transferable idea that can work for every society. But other countries' experiences can be taken as lessons for consideration when a localized reconciliation program is drafted. For the Iraq case, they can learn from the extensive literature on reconciliation and other methodologies of reuniting communities in post-conflict areas.

Education

While focusing on how to enhance the Iraq economy, another attention should be given to the young generation by educating them. The reforms are needed to divert young graduates from working for the oversaturated public sector and shift to the private sector as well and encourage entrepreneurial initiatives. When this young population is absorbed early into a robust schooling system, it will prevent them from despair and instead become instrumental in driving the Iraq economy in the right direction.

Leaving their skills, untapped can make it easy for them to engage in violence and terrorism. Also, after educating them, the Iraqi government should create programs that instill more skills to express their talents in diverse ways. Things like sports, arts, and other forms that give the young generation a way of expressing themselves can be a game-changer for the youth and the coming generations.

LAW

No community can thrive and prosper without believing in the rule of law. The Iraq government should build that notion to their community about why it is crucial to have the rule of law. No doubt, the country has a good measure of judicial independence and public confidence in the universal enforcement of laws, but it is not enough. When this is being enforced, it should not be applied partially but to the influential and ordinary citizens. The rule of law brings order to a country, and it becomes easier to govern and allows growth to take the course.

Conclusion

Iraq is a country that has proven to be remarkably resilient compared to other war-torn countries in the Middle East. The country has significant financial resources, human resources, and strong potential for development and recovery.

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