Will Iraq be the fastest growing economy on the face of the earth?
You will be the fastest growing economy of Iraq on the face of the earth?
Tuesday, November 27, 2012 13:39
Translation / Baghdadiya News / .. Wall Street Journal reported in its report that the economic data show that among all the major economies moving, Iraq would be the only country that will show double-digit growth in 2012 showing a 10.5% improvement in GDP for this year.
The report added that “China will appear as the second fastest growing economy in the world by 7.7% in GDP, while grow ten most important emerging markets in the world by only 5.5% this year due to economic problems shown by data from the Organization for Development and Cooperation.”
The Economist Intelligence Unit (EIU) has forecast a slight decline in the growth of the Iraqi economy will reduce to 8.5% in 2013, but also besting the Chinese economy again and that is expected to grow by 8.3% next year.
The report pointed the Economist Intelligence Unit (EIU) “We expect to grow Iraq’s economy is strong and a rate of 9% over the past 2013-2017 driven first and foremost increase oil production,” adding that “bouts of violence, especially in the central areas around Baghdad will continue to impede economic activity but improvement year in the security situation will help increase economic activity in some of Iraq’s provinces ethnically and religiously homogeneous in the south and west, leading to increased retail and wholesale trade. ”
It is expected that the private sector contributes with oil companies in driving growth and promoting development in the areas of infrastructure such as housing, transport and communications, the pace of economic recovery in the coming decades is heavily dependent on the oil sector and on how they are accelerating production, export and how to manage revenues resulting therefrom and disbursed as says the International Atomic Energy Agency.
She also said the International Energy Agency “that Iraq needs to overcome many of the challenges related to investment in infrastructure and institutional reform and the legal framework for oil and gas and strengthening human and political stability and security.”
She International Atomic Energy Agency said, “A lot will depend on the stability in all parts of Iraq and its neighbors and with regional conflicts in Syria and Iran and Palestine, there is a risk that Iraq attaches to these tensions.”
Despite the challenges faced by Iraq on many fronts but the Iraqi economy enjoyed a renaissance could raise the standard of living for many Iraqis and raising them for the middle class, which will provide domestic growth rather than relying on oil exports International Monetary Fund says “after the inflation was in Iraq has reached 70% in 2007 the central bank succeeded in reducing inflation to less than 10% where it remained since then. ” Economy grows better in the oil sector and the security situation and with the support of the international community, the debt levels have declined to levels steady. Finished / 21