Iraq is located in the Middle East, bordering the Persian Gulf, between Iran and Kuwait. The country is politically divided between the Kurds (who control the north), the Sunnis (who control some central and western regions), and the Shiites (wo control the rest); this has resulted in political instability.
The country’s demographic profile is very young, with a median age of years. The capital and largest city, Baghdad, has a population of million. It’s the second-largest city in the Middle East and North Africa (MENA) after Cairo and the second-largest city in Western Asia after Tehran.
The average growth is expected to be stable at per cent over the period of 2015-2020.
Iraq has the fifth-largest oil reserves in the world and third highest in the Middle East after the Kingdom of Saudi Arabia (KSA) and Iran.
The oil price and the Islamic State of Iraq (ISIS) crises along with the political instability in 2014 has impacted the private sector consumption and investment, and limited Government spending, particularly on investment projects.
The 2014 crisis has led to an additional people becoming unemployed and displaced more than three million Iraqis and some Syrian refugees have further disrupted local economic conditions.
The non-oil sector represents only per cent of the economy and services. Construction, transport, and a small agricultural sector are highly dependent on Government spending and, thus, on oil revenues.
Poor governance, inconsistent regulations, and security issues have kept Iraq at low ratings of global rankings for doing business.
About this report
A country profile is an instant guide to the political, economic, demographic, industrial, and business environment of a market. The report provides a range of quantitative and qualitative information on a variety of national aspects, including geography, economy, education, demography, labour, political climate, infrastructure, industry, tax, trade, investment, and ease of doing business. Additionally, the report provides a PESTLE analysis of a country's business climate. The country profile can be an effective tool for businesses in their marketing, strategy, and planning exercises when studying the future prospects of an economy.
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