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One of the key economic challenges was Iraq's immense foreign debt, estimated at $130 billion. [16] Although some of this debt was derived from normal export contracts that Iraq had failed to pay for, almost all of it was a result of military and financial support during Iraq's war with Iran.
According to Shank, "negative unintended consequences occur either concurrently with the war or develop as residual effects afterwards thereby impeding the economy over the longer term". [17] In 2012 the economic impact of war and violence was estimated to be eleven percent of gross world product (GWP) or 9.46 trillion dollars. [18]
Joseph Stiglitz, former chief economist of the World Bank and winner of the Nobel Prize in Economics, and Linda Bilmes, a Harvard University professor and former official at the U.S. Department of Commerce, have stated the total costs of the Iraq War on the US economy will be three trillion dollars in a moderate scenario, described in their ...
The Iraq War (Arabic: حرب العراق, romanized: ḥarb al-ʿirāq), also referred to as the Second Gulf War, [83] [84] was a prolonged conflict in Iraq lasting from 2003 to 2011. It began with the invasion by a United States-led coalition , which resulted in the overthrow of the Ba'athist government of Saddam Hussein .
The Reagan administration generally supported Iraq during the Iran–Iraq War, despite Iraq's extensive use of chemical weapons against post-revolutionary Iran.In response to reports of further Iraqi chemical attacks against its Kurdish minority after the end of the war with Iran, in September 1988 United States (U.S.) senators Claiborne Pell and Jesse Helms called for comprehensive economic ...
Territorial disputes with Iran led to an inconclusive and costly eight-year war, the Iran–Iraq War (1980–1988, termed Qādisiyyat-Saddām – 'Saddam's Qādisiyyah'), which devastated the economy. Iraq declared victory in 1988 but actually achieved a weary return to the status quo ante bellum. The war left Iraq with the largest military ...
The Iraq War left the entire region in shambles, creating a power vacuum that resulted in the rise of ISIS, or the Islamic State, which has established a totalitarian "caliphate" in Iraq and Syria ...
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