Experts: Oil Prices’ Hikes May Revitalize Iraq’s Economy

Economic experts in Iraq clarified that the economic meltdown would only recover by increasing the oil prices, adding that a price of 70 dollars per barrel is ideal for revitalizing the world economy by scaling up the demand that would help countries overcome the economic repercussions of the outbreak of Coronavirus. Experts illustrated that increasing the oil prices would be in Iraq’s favor, given the fact that Iraq is a rentier state, whose budget is based 95% on the oil sector, which implies that 2% of the workforce in this sector supports 98% of government sectors, institutions, companies, and workers in the public sector.