Saddam Hussein
Economic reforms

Nationalization of oil was implemented, which aimed to achieve economic independence. By the late 1970s, Iraq experienced significant economic growth, with a budget reserve surpassing US$35 billion. The value of 1 Iraqi dinar was worth more than 3 dollars, making it one of the most notable economic expansions in the region. Saddam Hussein's regime aimed to diversify the Iraqi economy beyond oil. The government invested in various industries, including petrochemicals, fertilizer production, and textile manufacturing, to reduce dependence on oil revenues and promote economic self-sufficiency. By the 1970s, women employment rate also increased.

Following the invasion of Kuwait which initiated the Gulf War, Iraq was sanctioned by the UN, which caused economic decline. In 1995, then U.S. president Bill Clinton introduced Oil-for-Food Programme, in which Iraq sold oil on the world market in exchange for humanitarian needs. The program was accepted by the Ba'athist government in 1996. By 1995, GDP of Iraq dropped to US$9 billion from US$44.36 billion in 1990. Iraq had lost around US$170 billion of oil revenues. The economy of Iraq improved in 2000, as its GDP increased to U$23.73 billion by 2000.
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