Iraq is heading towards the socio-economic economy between socialism and capitalism according to government plans, the economic expert said on Monday, pointing out that Article 25 of the constitution provides for a market economy and gives the private sector the authority to exercise its role. That process, noting that the remnants of the previous laws in the country still govern the basic joints of the economy and yet we claim that we are a market economy, but the market economy is not only media statements.
“Article 25 of the Constitution provides for a market economy and gives the private sector the authority to exercise its role, but there are no laws to run that process and therefore it is going randomly,” Antoine told “Iraq News”, pointing out that “the remnants of previous laws in the country are still “But we are claiming that we are a market economy, but the market economy is not just the media statements, but the implementation of the work, as the state has all the wealth today and when the state stops the sale of oil stops and the economic wheel of the country stops completely.”
“The government is in the process of preparing the five-year plan to move Iraq into a market economy, which is the social economy, which is a middle economy between socialism and capitalism,” he said.
Article (25) of the Iraqi Constitution stipulates that “the State shall guarantee the reform of the Iraqi economy according to modern economic bases, in a manner that ensures the full investment of its resources, diversifying its sources and encouraging and developing the private sector.”