Analyzing and Measuring the Impact of the Current Account on the General Budget (Double Deficit) of Iraq for the Period 2004 - 2020
DOI:
https://doi.org/10.25007/ajnu.v13n1a1639Abstract
The Iraqi economy suffers from a structural financial deficit because government spending is linked to oil revenues, the growth rate of which exceeds the growth rate of non-oil domestic product. This has led to structural imbalances in the components of the domestic product, causing weak stability in Iraqi economic activity. Therefore, the research aims to explain the nature of the impact of the general budget on current account changes by tracking oil prices and the impact that the position of the current account has on public spending from the components of total revenues, and then reflecting this mechanism on all economic sectors and explaining the most important determinants of that impact, assuming that the Iraqi economy It does not have financial depth for the purpose of addressing the budget deficit when there is a deficit in the current account of the Iraqi economy during the research period (2004-2020). The inductive approach was relied upon by trying to give a comprehensive result about double disability, while using quantitative methods to analyze the available data and draw conclusions from it.
In the analysis to reach the most important results, it was revealed through the econometric analysis that there is a direct relationship between the position of the general budget and the position of the current account, and this explains the characteristic of the double deficit in the Iraqi economy during the research period. Therefore, it is necessary to work to increase the growth rates of public spending away from the growth of oil revenues.
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