The Impact of Oil Revenue Fluctuations on Iraqi Economic Indicators for the Period 2016-2023

Abstract

The Iraqi economy depends largely on oil revenues, as these revenues contributed about 70% of public revenues during the research period and more than 90% of the state's general budget. Fluctuations in crude oil prices affect the Iraqi economy which depends almost entirely on the oil sector. Therefore, the research aimed to know the extent of the Iraqi economy's dependence on crude oil revenues in the period (2016-2023), to reveal the economic effects due to oil price fluctuations during that period on the indicators of the Iraqi economy, and to present proposals to find solutions to reduce the Iraqi economy's dependence on oil revenues. The research used the descriptive analytical approach and concluded that it is possible to reduce the Iraqi economy’s dependence on oil revenues through practical applicable solutions.