Strait of Hormuz crisis stokes concerns for oil dependent Iraqi economy

Nawar Faeq
Press TV, Baghdad

Amid prevailing tensions over the US and Israeli imposed war on Iran, the renewed American aggression, in breach of a ceasefire, and consequently the closure of the Strait of Hormuz by Iran, have raised further concerns about their economic consequences.

For Iraq, whose economy relies heavily on oil exports, the new regional developments have reinforced calls for economic diversification and a reduced dependence on a single source of revenue.

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