Prospects of Economic Development in Iraq after 2003 Under The Rentier Economy: An Exploratory Study

Abstract

Rentier countries are witnessing a great disparity in the levels of development in general and Iraq in particular, as successive governments after 2004 could not achieve economic development compatible with the material capabilities owned by Iraq, oil revenues in Iraq did not contribute to achieving economic development during the first two decades of the twenty-first century, but contributed to more imbalances and development chaos and not to find a productive base in the economy that meets its needs or contributes to directing goods towards export, and the Iraqi economy is facing development conditions The development gap between it and the developed countries continues to increase day by day, as a result of their dependence on one resource to finance their public budget and finance development. This problem is caused by the lack of a vision for economic development that contributes to diversifying the economy and getting rid of the dependence of one supplier, although Iraq has developed a set of detailed and comprehensive plans linked to oil rents and respond at the same time to the requirements of economic development, and work to keep pace with the latest developments and structural transformations in changing production patterns, but the application of those plans collided with a set of problems that hindered the growth of the Iraqi economy and led to its decline.