Iraq's big rebuilding project
Damage to the country has been severe. The recovery needs lots of money and willing investors
It has been a brutal 15 years for Iraq since the US-led invasion. Now, as the country heads towards parliamentary elections in May, its politicians believe Opec's second-biggest oil producer is entering a new phase of growth and rehabilitation. Green shoots are cropping up. The IMF, which in 2016 began a string of loans to Iraq amounting to $18bn, says the country's GDP will rise by 3% this year, following a contraction in 2017. Higher oil prices and exports are helping. Iraq's budget this year envisages a $20bn deficit. But its oil-price assumption is a modest $44 a barrel. If international prices hold around the $70/b level reached in early April-and Iraq keeps exporting at about 3.4m barr
Also in this section
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
11 March 2026
De la Rey Venter, CEO of LNG player MidOcean Energy, discusses strategy, project developments and the prospects for the LNG market
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
