section_path: Impact by region or country/Asia-Pacific/Iraq
section_name: Iraq
paragraph_text: Iraq
  
  As 90% of the government income comes from oil, it will be extremely heavily hit by the drop in prices.
  
  The employment market has also taken a huge hit. The excessive dependence on oil exposes the country to macroeconomic volatility. As of January 2021, Iraq's unemployment rate was more than 10 percentage points higher than its pre-COVID-19 level of 12.7%.