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Iraqi News
12-08-2025
- Business
- Iraqi News
Iraq's five-year development plan to generate $540 billion
Baghdad ( – The spokesperson for the Iraqi Planning Ministry, Abdul-Zahra al-Hindawi, revealed on Saturday that Iraq is expected to generate revenues of 710 trillion Iraqi dinars ($540 billion) over the 2024-2028 national development plan. In a statement to the Iraqi News Agency (INA), al-Hindawi explained that oil will account for the highest part, projected at 631 trillion Iraqi dinars ($481.6 billion), with non-oil income reaching 79 trillion Iraqi dinars ($60.3 billion). The Iraqi official stated that the strategy calls for more than 241 trillion Iraqi dinars (nearly $184 billion) in investment to attain a 4.24 percent annual economic growth rate. The public sector is planned to invest 157 trillion Iraqi dinars (approximately $120 billion), while the private sector will contribute 84 trillion Iraqi dinars ($64.13 billion), according to al-Hindawi. The Iraqi official elaborated that the 2024-2028 plan intends to reduce unemployment to 10 percent from the present 13 percent. Al-Hindawi stated that the plan aims to keep inflation under control in order to protect vulnerable individuals and promote job opportunities. The level of poverty is expected to fall to less than 15 percent throughout the five years. The strategy also intends to lessen dependency on oil by diversifying revenue sources and promoting growth in non-oil industries.
Iraqi News
08-08-2025
- Business
- Iraqi News
Iraq outlines five-year strategy to diversify economy
Baghdad ( – Iraq has released a new five-year development plan aimed at lowering unemployment and increasing diversification to enhance economic growth. The spokesperson for the Iraqi Planning Ministry, Abdul-Zahra al-Hindawi, stated that the 2024-2028 plan intends to reduce unemployment to 10 percent from the present 13 percent, with an annual economic growth rate of 4.24 percent, according to the state-run news agency (INA). These objectives rely on global oil prices, investment schemes, industrial production, and foreign trade. Al-Hindawi stated that the plan aims to keep inflation under control in order to protect vulnerable individuals and promote job opportunities. The level of poverty is expected to fall to less than 15 percent throughout the five years. The strategy also intends to lessen dependency on oil by diversifying revenue sources and promoting growth in non-oil industries, according to al-Hindawi. The Iraqi official noted that the oil sector's contribution to Iraq's gross domestic product (GDP) would fall by up to 25 percent from its present level during the next five years.
