IMPACT OF THE RENTIER (OIL) ECONOMY ON OVERALL DEVELOPMENT IN IRAQ FROM 2010 TO 2020
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Abstract
The Iraqi economy is exposed to macroeconomic fluctuations due to the heavy reliance on a single source. Accordingly, the decline in oil revenues due to the coronavirus pandemic had a clear impact on the gross domestic product for the year 2020, as it decreased by (15.7%), which called for conducting this research to identify the extent of the impact of the oil-based rentier economy on the comprehensive development processes in Iraq. The study aims to identify the general theoretical framework of the rentier economy and clarify the concept and dimensions of extensive development.
The Iraqi economy is exposed to macroeconomic fluctuations due to the heavy reliance on a single source. Accordingly, the decline in oil revenues due to the coronavirus pandemic impacted the gross domestic product for the year 2020, as it decreased by (15.7%), which called for conducting this research to identify the extent of the impact of the oil-based rentier economy on the comprehensive development processes in Iraq.