The economy of Iraq is dominated by the oil sector, which has provided about 99.7% of foreign exchange earnings during its modern history. As of 2021, the oil sector provides about 92% of foreign exchange earnings. Iraq's hitherto agrarian economy underwent rapid development following the 14 July Revolution (1958) which overthrew the Hashemite Iraqi monarchy. It had become the third-largest economy in the Middle East by 1980. This occurred in part because of the Iraqi government's successful industrialization and infrastructure development initiatives in the 1970s, which included irrigation projects, railway and highway construction, and rural electrification.

Iraq, officially the Republic of Iraq, is a country in West Asia and in the geopolitical region known as the Middle East. With a population of over 46 million, it is the 31st-most populous country. It is a federal parliamentary republic that consists of 19 governorates. Iraq is bordered by Turkey to the north, Iran to the east, the Persian Gulf and Kuwait to the southeast, Saudi Arabia to the south, Jordan to the southwest, and Syria to the west. The capital and largest city is Baghdad. Iraqi people are diverse; mostly Arabs, as well as Kurds, Turkmen, Assyrians, Armenians, Yazidis, Mandaeans, Persians and Shabakis with similarly diverse geography and wildlife. Most Iraqis are Muslims – minority faiths include Christianity, Yazidism, Mandaeism, Yarsanism and Zoroastrianism. The official languages of Iraq are Arabic and Kurdish; others also recognized in specific regions are Turkish, Suret, and Armenian.