Iraq launches five-year economic plan, unveils national SME development policy
Initiatives aim to cut unemployment, reduce oil dependence, and foster private sector growth
BAGHDAD, Iraq (MNTV) — Iraq has set in motion a comprehensive economic agenda combining a new five-year national development plan with its first policy framework for small and medium enterprises (SMEs), aiming to spur diversification, reduce unemployment, and strengthen private sector resilience.
The Ministry of Planning announced that the 2024–2028 development strategy targets lowering the unemployment rate from the current 13 percent to 10 percent, achieving an average annual growth rate of 4.24 percent.
Planning Ministry spokesperson Abdul-Zahra al-Hindawi said the plan is designed to curb inflation, safeguard vulnerable populations, and create jobs, while also reducing the poverty rate to below 15 percent over the next five years.
Key measures include decreasing the oil sector’s share of gross domestic product by up to 25 percent from its present level, with growth driven by industrial production, investment programs, and foreign trade.
Al-Hindawi stressed that the strategy aims to diversify revenue sources and boost non-oil industries to build a more sustainable economy less reliant on global crude prices.
In parallel with the broader economic plan, the ministry convened a national validation workshop in Baghdad to finalize Iraq’s first National Policy for SME Development.
The event, supported by the International Labor Organization (ILO) and funded by the Italian Agency for Development Cooperation (AICS), brought together policymakers, experts, and private sector representatives.
Planning Ministry Undersecretary Hanaa al-Asady said the policy framework will encourage innovation, foster entrepreneurship, and drive job creation across the country.
ILO Country Coordinator Maha Kattaa reaffirmed the organization’s support, noting the policy’s focus on inclusive employment, the green transition, and long-term development.
Feedback from the workshop will be incorporated into the final policy draft before its formal adoption and launch.
The initiative forms part of the ILO’s project “Towards more and better employment through enhanced support to private sectors in southern Iraq—with a focus on green business.”
By aligning long-term macroeconomic goals with targeted SME development, officials say Iraq is laying the foundation for a more diverse and competitive economy capable of withstanding global market volatility.
Have Your Say!
Have you been affected by the issues raised in this story? Please share your experiences by emailing haveyoursay@soundvision.com.
Please include a contact number if you are willing to speak to a Muslim Network TV’s representative. You can also get in touch in the following ways:
Tweet: @MuslimNetworkTV
We must take charge of our narrative. Research indicates that 92% of their Muslim coverage is negative. Help us change that.
