The Impact of Coronavirus Pandemic on the Iraqi Economy

Abstract

Purpose: The research aims to study the impact of the Corona pandemic on the Iraqi economy and its effect on the various economic sectors, especially after the succession of political crises (October demonstrations and the government's fall). Theoretical framework: The Corona pandemic has left many problems, and consequences beyond the spread of the disease, the most important of which is the almost complete halt in economic life, resulting in the significant decline in various commercial activities, the severance of global supply chains, the collapse of financial markets, the suspension of global trade movement, and the rise in unemployment rates that included the entire developed and developing world, and Iraq is one of them. It caused a worldwide recession. Third, it forced the government to adjust several economic sectors to the economic, financial, and health crises. Design/methodology/approach: The study examines covid-19's influence on Iraq's economy. The article analyzes external debt and economic factors for 2004-2021 and interprets economic development indicators for Iraq for 2004-2021 using an economic model. Findings: The study concluded that the Corona pandemic had more impact on Iraq than other countries due to the conditions that occurred before Corona, from the demonstrations, which were due to the political and economic situation in the country and poor services, and then the impact of the collapse in global oil prices due to the decrease in global demand for oil, which led to a reduction in public revenues to a third, which hindered the government's ability to present the draft budget for the year 2020. Research, Practical & Social implications: we Focus on the banking sector's recovery after the pandemic, this paper provides a unique and critical discussion of the knowledge gap between the economic sciences and the public's awareness of the topic, as well as its implications for the recovery of various economic sectors in Iraq following COVID-19. Originality/value: This article discusses the gap between economic science knowledge and public awareness and its consequences for the revival of several economic sectors in Iraq following COVID-19, emphasizing the banking sector.