Economic Diversification to Address Oil Rent Dependency in Iraq: An Analytical Study

The study focuses on the concept of economic diversification that can help in addressing oil rent dependency in Iraq. In the study, it is mentioned that Iraq relies 99% on oil exports and production, which means that the country is at risk due to price volatility. Research objectives and questions are based on dependent variables, i.e., the economic growth of Iraq, and independent variables, i.e., economic diversification strategies and policy frameworks. There are also two out-lined hypotheses in this research, but it is mentioned that there are limited studies available for Iraq regarding the issue of oil rent dependency. Data collection is done through secondary methods, and data is gathered through survey reports, which helped in assessing the implications of using oil rent dependency on the economic growth of Iraq. Tests such as ANOVA, descriptive statistics, and regression are performed, which signifies that the value of p is greater than 0.05, and thus, the variables are positively correlated. The research concludes that economic diversification is necessary for Iraq, but it also recommends that policymakers understand their responsibility to develop diversified strategies for economic development.