THE ECONOMIC IMPACT ON THE WORLD CRISIS DURING THE COVID-19 PANDEMIC USING IRAQ AS A CASE STUDY

Abstract

The world economy faces a double shock, reflected in the pace of economic growth. The outbreak also resulted in a rapid economic decline. Data from this sheet include data from 2015 to date to compare the economics of pre-Covid and post-Covid. The economic impact assessment approach is based on rapid assessment principles and aims to capture the multi-dimensional effects of Covid-19 in the global economy. The findings were based on available information from the above sources. The study has summarized and analyzed data gathered during the processes to explain the financial crisis worldwide during the Covid-19 pandemic. The critical macroeconomic and fiscal conditions for Iraq between 2017 and 2019 were generally favorable. Iraq's economy is marked by excess dependency on oil, responsible for much of the economy, almost all export revenues, and nearly all government revenues without creating significant employment. Corona has a negative influence on the world economy. It has shaken fears that the epidemic would spread to most of the world's countries in a severe and profound recession near the lenient mortgage crisis in 2007. The government should establish a long-term strategy to develop credible fiscal guidance to manage economic and financial income impacts better. The government should also invest in personal and economic growth and diversification to boost employment. The government should allow employees and businesses to gradually enter the formal sector, simplify public sector payments, and redesign public support schemes for the legal industry.