Fiscal policy in Iraq in light of the shocks after 2003

Abstract

The Iraqi economy suffers from a triple shock, the first shock represented by the demonstrations that erupted in November 2019, the second shock related to the collapse of oil prices and the reduction of its production under the OPEC + agreement, and the third shock represented by the Corona pandemic and the resulting shock of supply and demand at the same time, and then led to slowing economic growth. The problems of the Iraqi economy are related to the rentier economy, which made the state control its relations with society with the presence of oil rents and dependence on it, which made it move away from its society, and thus weakened the effectiveness of the role of civil society institutions or their supervisory role, especially in the economic issue. The Iraqi economy's dependence on oil in its movement has become sensitive to external and internal shocks, so the research will focus on the development of fiscal policy in Iraq after 2003 in light of the shocks it has been exposed to and their effects on economic activity.