Issue |
E3S Web Conf.
Volume 427, 2023
International Conference on Geotechnical Engineering and Energetic-Iraq (ICGEE 2023)
|
|
---|---|---|
Article Number | 04011 | |
Number of page(s) | 10 | |
Section | Environment and Infrastructures | |
DOI | https://doi.org/10.1051/e3sconf/202342704011 | |
Published online | 13 September 2023 |
The Impact of Financial Crises on The Parties Involved in the Construction Project
1 Civil Engineering Department, University of Baghdad, Baghdad, Iraq
2 Water Resources Engineering Department, University of Baghdad, Baghdad, Iraq
a* Corresponding author Zainab.mahmoud1401m@coeng.uobaghdad.edu.iq
b ebraheem.f.m@coeng.uobaghdad.edu.iq
Iraq has witnessed a number of crises that had an impact on multiple industries, including the construction industry particularly. In 2014, Iraq was subjected to terrorist acts in several provinces, which led to insecurity and a very large financial crisis that affected all provinces, This was followed by the financial crisis that occurred due to the drop in oil prices and because oil was the main and exclusive source of income for the Iraqi economy, this resulted in a severe economic collapse. This study examines the financial crisis's detrimental effects on the construction industry. The research has divided the crisis in finance into two types: the external crisis, which has occurred as a result of external influences such as the decline in oil prices globally, which has been reflected in the budget of the Iraqi government, and the second type is the internal crisis, which has occurred as a result of bankruptcy or the bankruptcy of any of the parties involved in the constructing industry. The open questionnaire represents the practical side, which was completed by conducting personal interviews with construction and project implementation experts and financial and economic experts to discuss how to deal with the crisis's effects and address them. The researcher concluded that the factors that have a high degree of influence on the occurrence of crises are arranged according to relative importance from highest to lowest, as follows: (changes in oil prices, changes in currency exchange rates, the bankruptcy of banks, force majeure, high prices, and the unemployment rate). The (post-crisis stage) is the highest among the stages, with the highest percentage when it comes to the stage at which the financial crisis impacting construction projects could be addressed.
Key words: Construction projects / Project parties / the financial crisis / internal crisis / external crisis
© The Authors, published by EDP Sciences, 2023
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Current usage metrics show cumulative count of Article Views (full-text article views including HTML views, PDF and ePub downloads, according to the available data) and Abstracts Views on Vision4Press platform.
Data correspond to usage on the plateform after 2015. The current usage metrics is available 48-96 hours after online publication and is updated daily on week days.
Initial download of the metrics may take a while.