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The Kurdistan Region of Iraq : Reforming the Economy for Shared Prosperity and Protecting the Vulnerable

TARIFFS GOVERNMENT EXPENDITURES ECONOMIC GROWTH RENEWABLE RESOURCES ENVIRONMENTAL PROTECTION POLICY ENVIRONMENT WASTE MANAGEMENT AGRICULTURAL PRODUCTION EXPECTATIONS PRODUCERS RESOURCE MANAGEMENT PROPERTY RIGHTS FINANCIAL RESOURCES RESOURCE ALLOCATION LABOR FORCE RIVER BASINS POLITICAL ECONOMY REVENUES ECONOMIC EFFECTS INCENTIVES EQUILIBRIUM MODELS SUSTAINABLE DEVELOPMENT AGRICULTURAL OUTPUT ECONOMIC ANALYSIS AUDITS WILLINGNESS TO PAY ECONOMIC ACTIVITY FISCAL POLICIES EXPLOITATION OIL PRICES CROWDING OUT OIL POPULATION GROWTH INDUSTRIAL WATER LABOR PRODUCTIVITY OPTIONS SUSTAINABLE WATER DEBT BARRIERS TO ENTRY POLLUTION BENEFIT ANALYSIS WELFARE GAINS ECONOMIC POLICIES AQUIFERS DIVIDENDS POLICY DECISIONS PRICE SUBSIDIES BARLEY NATURAL RESOURCES WATER BASINS SUBSIDIES EFFICIENCY CERTAIN EXTENT MARKET ECONOMIES TAXES ACCESS TO INFORMATION LAND USE ENTITLEMENTS EFFECTIVE USE RESOURCES UNEMPLOYMENT ENERGY CONSUMPTION EQUITY POTENTIAL INVESTORS CONSUMPTION ECONOMIC IMPACT RURAL COMMUNITIES CONTINUOUS MONITORING WAGES CLIMATE CHANGE VALUES ELECTRICITY DEMAND MARKET PRICES IMMUNITY POLICY MAKERS CREDIT PURCHASING POWER DEMAND CPI SUSTAINABLE USE NATIONAL INCOME SUSTAINABLE GROWTH AGGREGATE DEMAND PUBLIC EXPENDITURES ELECTRICITY GENERATION EXPENDITURES PUBLIC GOVERNANCE COST BENEFIT ANALYSIS PROPERTY LOGGING DECISION MAKING TAX RATES TRANSACTION COSTS ENVIRONMENT GLOBAL CLIMATE CHANGE ECONOMIC SITUATION STREAMS ECONOMICS SECURITIES TAX REVENUE ENERGY EFFICIENCY CAPITAL GOODS ECONOMIC DEVELOPMENT TRADE POLLUTERS MARGINAL PROPENSITY TO SAVE LAND DRINKING WATER PRICE CEILINGS COMMERCIAL BANKS COMPARATIVE ADVANTAGE COMPETITIVE MARKETS OIL RESERVES WATER POLLUTION REVENUE NATIONAL INCOME ACCOUNTING PRIVATE CONSUMPTION SCIENTIFIC RESEARCH LIVING CONDITIONS RECYCLING TAX REFORM PROPERTY VALUES PROFITS ENVIRONMENTAL COST SAVINGS LABOR MARKETS PUBLIC GOOD DEMOGRAPHICS PRICES CONSUMER PROTECTION OIL SECTOR ECONOMIC CONDITIONS ECONOMIES POPULATION DYNAMICS PUBLIC GOODS COMPETITION
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World Bank, Washington, DC
Middle East and North Africa | Iraq
2016-07-15T20:43:58Z | 2016-07-15T20:43:58Z | 2016-05-30

The Kurdistan Region of Iraq (KRI) is a constitutionally recognized semiautonomous region in northern Iraq. Its government, the Kurdistan Regional Government (KRG), based in Erbil, has the right, under the Iraqi constitution of 2005, to exercise legislative, executive, and judicial powers according to the constitution, except in what is listed therein as exclusive powers of the federal authorities. The Iraqi constitution defines the Kurdistan Region as a federal entity of Iraq. KRG has a parliamentary democracy with a regional assembly that consists of 111 seats. KRI has been largely immune to the insecurity and conflict witnessed elsewhere in Iraq, especially following the 2003 Iraq War. KRG is facing a wide range of immediate and medium to longer-term challenges that are intrinsically linked to the overall macroeconomic situation of Iraq as well as the regional and global environment. The immediate challenge consists in coping with (a) the deep fiscal crisis, and (b) the security and social problems brought about by the conflict with the Islamic State in Iraq and Syria (ISIS) group and the resulting influx of Syrian refugees and Iraqi Internally Displaced Persons (IDPs). These challenges are clearly immediate priorities for the KRG, and will bear significant repercussions nationally and internationally if inadequately addressed. The medium to longer-term challenges pertain to moderating dependence on the oil sector and transforming the KRI economy into a diversified one that supports private sector-led economic growth and job creation in a sustainable manner.

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