Iraq: Iraq’s Economy Is Collapsing under the Double Blow of Sinking Oil Prices and Coronavirus Lockdown

May 5, 2020 | Louisa Loveluck and Mustafa Salim, Washington Post
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The coronavirus epidemic has pushed Iraq’s economy to the brink of catastrophe, experts say, with the outbreak aggravating the risk of public desperation and renewed social unrest if the needs of millions of Iraqis are not met by sweeping reforms. The crisis has been decades in the making, as the political system born in the wake of the 2003 U.S.-led invasion became riddled with corruption while politicians grew rich on the spoils. But the epidemic has accelerated the crisis, tanking global oil prices and the oil revenue that keeps Iraq afloat — while forcing a lockdown that is ruining livelihoods and forcing families to go hungry.