An Exploratory Study of Economic Factors That Hinder Economic Development of Kurdistan Region
DOI:
https://doi.org/10.23918/ijsses.v10i1p82Keywords:
Economics Factors, Economics Development, Kurdistan Region, IraqAbstract
Over the past decade, Kurdistan Region of Iraq has made countless progress in many areas. However, these areas require significant flexibility to meet the local needs and the region is highly dependent on oil and gas resources. In the first quarter of 2020, the new cabinet submitted a bill to parliament to diversify the economy system of different sectors like, oil and gas, agriculture, construction, natural resources, ICT, Tourism, Trade, Manufacture units, Banking, Education, Handicraft Oil & Gas, transportation, FMCG, Higher Education & Scientific Affairs, Health, Social Affairs, Housing & Road Sector, Youth and Culture Sectors. The purpose of this paper is to discuss the factors that hinder economic developments in Kurdistan region. The factors that play an important role in economic development of country/region which consists of poverty, infrastructure, transportation, trade and many other factors. The study is based on exploratory research and used secondary data to explore the factors that hinder the economic development in Kurdistan Region. Moreover, the factors in economics development contributes to the improvement of Kurdistan region development, and what policy recommendations can be made to create a resolution of hindrances. This paper argued that Kurdistan region’s economy is heavily dependent on economic factors, and current revenue is not sufficient and effective for the economic factors of the economy to diversify the income in long run and which creates economic development hindrances based on the contribution of factors to the economy of the Kurdistan region.
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