Iraq Autos Q1 2021
The government’s ability to offset the slump in non-oil activity and ramp up headline spending will remain restricted. Oilprices are set to average USD44.0 per barrel (/bbl) in 2020 according to our Oil & Gas team, marking a substantial decline from the2019 average of USD64.2/bbl. Lower oil prices imply plummeting government revenues which, in turn, will restrict thegovernment’s ability to support business activity through fiscal policy. This will all mean that the Iraqi automotive market will see littlesupport in 2020, and could possibly see an even larger contraction if the government fails to meet its financial commitments in2020.
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