However, as the war drew to a close, Iraq was able to increase the amount of oil they exported due to advances with their pipelines and repairing of oil facilities that were damaged during the war. The short lived period of prosperity once again was threatened when Iraq seized Kuwait in 1990, and the country faced international economic sanctions.

From 1999 onwards, the country of Iraq has only been allowed by the United Nations to export as much oil for revenue as needed to meet the humanitarian needs of the country such as medicine, food, and other important goods which has led to a very shaky economy throughout the entire country. The exchange for goods is growing at a rapid rate in the face of poor living standards.

Since Iraq was occupied by the United States in 2003, the economy has made shaky efforts to revitalize itself, but due to rampant crime and war damages, it is proving to be formidable task for the Iraqi authorities.

Today, the economy of Iraq is still largely based on oil exports, and the focus is on raising the overall GDP out of its present state of depression.

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