Mazhar Mohammed Saleh: Iraq Needs to Shift from a Rent-Based Economy to a Diversified Productive Model

Economic adviser Mazhar Mohammed Saleh said on Saturday that the Iraqi government's move toward establishing a new capitalist economic identity represents a positive and significant step. He stressed the importance of transitioning from a rent-dependent economy to a productive model based on diversifying income sources and encouraging investment.

Saleh explained that the vision outlined by Prime Minister Ali Faleh Al-Zaidi aims to strengthen the private sector's role in economic development, create employment opportunities, and increase domestic production and exports, thereby supporting sustainable national growth.

He noted that a social market economy offers a framework for balancing market freedom with the state's responsibility to regulate competition, provide essential services, and promote social justice. He emphasized that Iraq needs efficient state institutions, a productive private sector, and a social protection system that safeguards citizens' rights.

Saleh added that Iraq's main challenge lies in transforming oil wealth into a driver of sustainable development rather than relying on it primarily to finance public spending. He stressed that economic success should be measured by increased production, job creation, and improved living standards, rather than oil revenues alone.