Iraq is one of the most oil-dependent countries in the world. While the recent rebound in oil markets has significantly improved Iraq’s economic outlook, the future remains uncertain and volatile without investment in a more diverse economy.
Small and medium enterprises (SMEs) are key to this.
This report shares the results of an IFC survey of 827 SMEs in August and September 2021, focusing on the financial health and access to finance for SMEs. Results show that although average sales turnover for SMEs are not yet back to pre-COVID-19 pandemic levels, they recovered to some degree in 2021. Medium companies appeared to be recovering faster than small businesses.