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Iraq's Investment Spending Deficit: An Analysis of Chronic Failures

The proposed 2019 budget law brought into sharp focus systemic failures in the crafting of successive Iraqi governments’ economic policy since 2003. For years, the structural imbalance between current and investment expenditure has undermined the Iraqi economy and is the primary reason why the country is vulnerable to external shocks - especially to shifts in the global price of oil. This year’s proposed budget perpetuates the same flaws.