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The economy of Iraq is dominated by the oil sector, which has provided about 99.7% of foreign exchange earnings during its modern history. As of 2021, the oil sector provides about 92% of foreign exchange earnings. Iraq's hitherto agrarian economy underwent rapid development following the 14 July Revolution (1958) which overthrew the Hashemite Iraqi monarchy. It had become the third-largest economy in the Middle East by 1980. This occurred in part because of the Iraqi government's successful industrialization and infrastructure development initiatives in the 1970s, which included irrigation projects, railway and highway construction, and rural electrification.
Syria's economic situation has been turbulent and their economy has deteriorated considerably since the beginning of the Syrian civil war, which erupted in March 2011.
Iran is a mixed economy with a large public sector. Some 60% of Iran's economy is centrally planned.. Iran’s economy is characterized by its hydrocarbon, agricultural, and service sectors, in addition to manufacturing and financial services, with over 40 industries are directly involved in the Tehran Stock Exchange. The stock exchange has been one of the best performing exchanges in the world over the past decade. With 10% of the world's proven oil reserves and 15% of its gas reserves, Iran is considered an "energy superpower".
The United States Agency for International Development (USAID) is an independent agency of the United States government that is primarily responsible for administering civilian foreign aid and development assistance. With a budget of over $27 billion, USAID is one of the largest official aid agencies in the world and accounts for more than half of all U.S. foreign assistance—the highest in the world in absolute dollar terms.
The Central Treaty Organization (CENTO), formerly known as the Middle East Treaty Organization (METO) and also known as the Baghdad Pact, was a military alliance of the Cold War. It was formed on 24 February, 1955 by Iran, Iraq, Pakistan, Turkey, and the United Kingdom. The alliance was dissolved on 16 March 1979.
The Economic Cooperation Organization or ECO is an Asian political and economic intergovernmental organization that was founded in 1985 in Tehran by the leaders of Iran, Pakistan, and Turkey. It provides a platform to discuss ways to improve development and promote trade and investment opportunities. The ECO is an ad hoc organisation under the United Nations Charter. The objective is to establish a single market for goods and services, much like the European Union. After the dissolution of the Soviet Union, the ECO expanded to include Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan in 1992.
An export credit agency or investment insurance agency is a private or quasi-governmental institution that acts as an intermediary between national governments and exporters to issue export insurance solutions and guarantees for financing. The financing can take the form of credits or credit insurance and guarantees or both, depending on the mandate the ECA has been given by its government. ECAs can also offer credit or cover on their own account. This does not differ from normal banking activities. Some agencies are government-sponsored, others private, and others a combination of the two.
The economic history of the Republic of Turkey may be studied according to sub-periods signified with major changes in economic policy:
- 1923–1929, when development policy emphasised private accumulation;
- 1929–1945, when development policy emphasised state accumulation in a period of global crises;
- 1950–1980, a period of state guided industrialisation based on import substituting protectionism;
- 1980 onwards, opening of the Turkish economy to liberal trade in goods, services and financial market transactions.
The economy of the Middle East is very diverse, with national economies ranging from hydrocarbon-exporting rentiers to centralized socialist economies and free-market economies. The region is best known for oil production and export, which significantly impacts the entire region through the wealth it generates and through labor utilization. In recent years, many of the countries in the region have undertaken efforts to diversify their economies.
The University of Baghdad (UOB) is a public research university in Baghdad, Iraq. It is the largest university in Iraq and the tenth largest university in the Arab world.
The dissolution of the Soviet Union in December 1991 brought an end to the Cold War and created an opportunity for establishing bilateral relations between the United States with Armenia and other post-Soviet states as they began a political and economic transformation. The United States recognized the independence of Armenia on 25 December 1991, and opened an embassy in Armenia's capital Yerevan in February 1992.
Rafidain Bank is the largest bank in Iraq, with 165 branches inside Iraq and with branches in Cairo, Beirut, Abu Dhabi, Bahrain, Sana'a, Amman and Jabal Amman. Its HQ is in central Baghdad. The bank was established in 1941 and in the 1960s in a wave of Ba'ath nationalisation became a state bank. In 1988, the Rafidain's non-performing assets were carved out into the Rasheed Bank.
Rasheed Bank is the second largest Iraqi bank, with 162 inside Iraq. On January 1, 1989, the Rasheed Bank was spun off from Rafidain Bank.
Industrial Bank of Iraq is an industrial bank company headquartered in Baghdad, Iraq. The main area of activity of the bank is giving loans for the industrial sector in Iraq.
Agricultural Cooperative Bank of Iraq is an Iraqi bank based in Baghdad, Iraq. The bank's main area of activity is to give loans for agricultural projects represented by farmers.
Real Estate Bank of Iraq is an Iraqi state-owned bank aimed at facilitating housing projects through giving loans. In 1997, it started to give loans to tourism projects like building hotels. It was established in 1948 in Baghdad and started working in 1949. The bank has several branches in Baghdad and the governorates.
Bank of Iraq is an Iraqi bank, formerly known as Iraqi Socialist Bank. It was founded in 1991 and it is the smallest of the state-owned banks with four branches. Total assets were $8.4 million as of 2003.
