Iraqi News Highlights and Points to Ponder Wednesday Evening 2-14-24
Iraq Ranks At The Bottom Of The 2023 Prosperity Index
Posted On 02-14-2024 By Sotaliraq
The UAE ranked first in the Arab world on the prosperity index for the year 2023, and ranked 44th globally. Qatar was followed by second place in the Arab world and 46th place in the world according to the Legatum Institute’s Prosperity Index.
The UK-based Legatum Institute ranks 167 countries. It measures several criteria, the most important of which are the quality of the economy, the ease of doing business, achieving security and security, health care and education, the business and governance environment, as well as personal freedoms.
For the third year in a row, the 2023 Legatum Prosperity Index finds that prosperity remains stable around the world, the main reason being the general trend toward deterioration of democratic institutions and processes.
At the top of the index, prosperity improved slightly faster in Western Europe than in North America. In recent years, North America has fallen from first place due to deteriorating safety and security.
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The countries that ranked first as the most prosperous and prosperous countries in the world in 2023 are: Denmark, followed by Sweden (2), then Norway (3), Finland (4) and Switzerland (5).
The countries that came at the bottom of the index are: South Sudan (167), Yemen (166), Central African Republic (165), Afghanistan (164).
But since 2013, the MENA region has been stagnant due to deteriorating safety, security, and deteriorating governance.
According to the report, the main weaknesses in the Middle East and North Africa region lie in institutions. It has deteriorated most in the areas of safety, security, personal freedom, and governance, and is ranked last or second to last for each of these pillars. The region has witnessed escalating terrorism and conflict, further repression of freedom of expression and association, and worsening political accountability and executive restrictions. As a result, the region fell further behind the rest of the world.
However, it has seen some improvement in education through improved adult skills, pre-primary education, and living conditions due to improved connectivity and protection from harm, as well as access to markets and infrastructure.
The UAE ranked first among the Arab countries and 44th globally in the list of the most prosperous and prosperous countries in the world in 2023. Qatar ranked second in the Arab world and 46th globally. Then Kuwait ranked 60th globally, then Bahrain ranked 62nd globally, and the Sultanate of Oman ranked 67th globally and fifth in the Arab world.
As for Iraq, it was ranked 140th globally and 15th in the Arab world in the index list of the most prosperous and prosperous countries in the world in 2023. Yemen was the least prosperous and prosperous Arab country in 2023. LINK
Electronic Payment. Money Is Hoarding In Homes And Education Is Not At The Required Level
Economy Ultra Iraq MANY CHALLENGES
Not long ago, Iraq took the first steps to move towards attempts to activate the electronic payment system, as these steps began by localizing the salaries of employees, and then installing electronic payment devices in several places, including gas stations, but many experts and specialists still believe that the culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, as well as the widespread corruption in the country, hinders its full application.
Economists saw that education for electronic payment in Iraq is not at the required level so far
According to experts, the Iraqi government, through attempts to apply electronic payment, aims to withdraw the cash mass in circulation in Iraq, which amounts to 84 trillion dinars.
The economic expert, Nasser al-Kinani, believes that the application of the electronic payment system in all governmental and non-governmental sectors is difficult to obtain in Iraq, due to the lack of electronic culture among citizens of all segments, noting that “cash payment cannot be stopped and will remain partially due to its necessity.”
Al-Kinani told Ultra Iraq that “money is naturally hoarded by citizens and the possibility of withdrawing it and making it electronic in digital payment cards cannot be obtained without planning and persuasion.”
The best way for the success of electronic payment is for the central bank to carry out the process of removing 3 zeros from the currency, printing new currencies, and announcing a period of one month for citizens to go to exchange all their money for a new edition, which will give an impression of the strength of the dinar against the dollar and the rest of the currencies,” al-Kinani said.
When this step is achieved, the government and Kinani’s words “replace 10% of the money and hand it over to citizens, while the rest is placed in a bank account that is opened for each citizen, depositing his money and giving him an electronic card to withdraw through,” stressing that “this step will eliminate cash circulation, corruption and hoarding, as well as currency smuggling in one way and another.”
Education for electronic payment is not at the required level now, and its application at gas stations and determining the period of total commitment to it is impossible to achieve because the problems that occur in this process now with the breakdown of payment devices and not others in the rest of the economic interests give many question marks about the seriousness of reducing the deduction of more than pricing,” al-Kinani said.
Al-Kinani also said that “the government’s step now to talk about electronic payment and oblige citizens is a step about a thousand miles with this project compared to successful experiences in many countries such as the United States of America, represented by the Federal Bank, whose electronic card is used everywhere, in addition to the Lebanese Byblos Bank and its card, which is used as an example in Baghdad, which spreads a global culture for these countries, unlike the poor culture of these transactions in Iraq, because the citizen lost confidence in the state after 2003 due to improvised political decisions.” and the absence of real planning.”
An economist said that cash payment cannot be stopped and will remain partially due to its necessity
Despite the “difficulty” of implementing the electronic payment system, the World Bank claimed on February 7th that Iraq’s electronic payment infrastructure “is among the best in the region”, according to a statement issued by the Central Bank of Iraq.
On the sidelines of Sudani’s participation in the Davos Economic Forum in January, a government statement said the World Bank supports measures to develop the banking sector, especially the electronic defense system, which attempts are being made to adopt in Iraq.
Electronic payment. Money is hoarding in homes and education is not at the required level Mail?url=https%3A%2F%2Fultrairaq.ultrasawt.com%2Fsites%2Fdefault%2Ffiles%2Fstyles%2Freadmore%2Fpublic%2F2024-02%2Fimage.jpg%3Fitok%3DrXGA6bK8&t=1707848898&ymreqid=f5de60c9-c421-4a21-1cfd-bd001a01d700&sig=tMF.2Iz.Onu
World Bank says Iraq’s electronic payment systems are among the best in the region
On January 17, 2023, the Iraqi Council of Ministers approved the recommendation of the Council of Ministers for the Economy to activate the electronic payment service, stating that “the system enjoys a high level of protection and safety, shortens time and effort, and contributes to activating the movement of the economy.”
The previous government decision obligated the central bank to “facilitate the procedures for granting licenses to collect bank cards and exempt all transactions with electronic payment (POS) from taxes.”
Ali Dadoush, a researcher in economic affairs, identifies the most prominent points through which the application of electronic payment systems in Iraq can be successful.
Daadoush said, in an interview with “Ultra Iraq”, that “the application of electronic payment needs a culture and the dissemination of intensive simplified advertisements for the citizen and taking into account the experiences of countries where electronic payment systems have succeeded and gradually turned into a cashless society, such as Sweden, for example.”
Experts talk about one of the reasons for moving away from the electronic payment system, which is the citizen’s loss of confidence in the state after 2003
Daadoush called for “the need to emphasize transparency in the dissemination of sufficient information that allows the simple citizen to know what he has and what he owes, such as how much the commission of each company, how to export the payment card, how much its ceiling and others,” saying that “these steps will facilitate the procedures for dealing with electronic payment systems in the country.”