Economy News – Baghdad
The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, on Saturday, outlined the vision of the government curriculum on the economic model, and while he indicated that he will direct investment decisions to achieve its goals, stressing that the government of Prime Minister Mohammed Shia Al-Sudani established a road map for the work of the economic model in Iraq.
Saleh said, in a statement reported by the official news agency, and seen by “Economy News”, that “the economic model is a mathematical model used to represent the economy, and analyze the behavior of various economic factors, as these models are used to understand how economic elements interact,” noting that “at the level of the government curriculum for Iraq’s philosophy, the basics of modeling the Iraqi economy were based on an important vision based on the principle of the decomposition of the entire economy, and taking into account the macro variables, foremost of which are the basics of development and growth in the GDP and imposing stability and effective operation of the joints of the national economy and the level of its interconnections.”
He added that “the current digital life helps to use computing to conduct simulated experiments to understand the potential effects of various economic policies and adopt optimal paths from them,” stressing that “Iraq has established in its government platform a practical establishment and a road map for the work of the economic model of Iraq through the development road strategy, since the beginning of the government of Prime Minister Mohammed Shiaa Al-Sudani.”
He pointed out that “the state of economic imbalance and its severe unilateralism has always required thinking about the future of the economy through an approach based on generating an alternative sector leading the national economy,” explaining that “the development road program is the academic point of view, and what was presented by the German economic thinker Albert Hirschman in his famous book (Economic Development Strategy) issued in 1958, in combating the state of imbalance and economic unilateralism with a theory based on an economic development weight, and a leader of the economy that provides a high degree of back and front sectoral interdependence and high interaction that achieves sustainable growth and restoring balance in the long term of the national economy.”
He pointed out that “this theory emphasizes in its model the need to invest in strategic sectors with a specific high priority instead of investing in all sectors at the same time,” adding that “according to this theory, other sectors will develop automatically over time, and from this point of view the idea of the economic model for the future of Iraq was born in prosperity and diversity, which is undoubtedly based on a macroeconomic strategy based on the path of development.”
Saleh pointed out that “that development strategy and the economic model that drives macroeconomic variables, has not been separated from the vision of partnership between the state and the private sector and the principles of the social market within the data of the five-year national development plan and its objectives, which were recently launched,” concluding that “the model or economic model of Iraq, which we aspire to establish, will provide the guiding predictive foundations for evaluating economic policies and directing investment decisions to achieve its specific goals optimally.”
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Added 2024/08/10 – 4:38 PM
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