IMF ESTIMATES 2014 AS THE ‘YEAR OF INVESTMENTS’ FOR IRAQ

IMF ESTIMATES 2014 AS THE ‘YEAR OF INVESTMENTS’ FOR IRAQ

18 Oct 2013

10k Iraqi dinar noteThe deputy Prime Minister for Energy Affairs, Hussain al-Shahristani, stated that the International Monetary Fund estimates indicate that Iraq will keep the rate of increase in economic growth over the next five years, while considered that the year 2014 will be a year of investment in the country. The major economic growth will take place for of course the oil reserves of the country.

But at the same time, possibilities in other sectors of the country is huge, starting – tourism, IT, to real estate or construction sector.

He also remarked that according to the estimates of IMF, Iraq will keep its pace of economic growth for another 5 years. In those years, Iraqi economy will be around 10% per annum. He added that “the increase has worked to raise the per capita income, which in turn made Iraq in the ranks of middle-income countries”, calling for “not rely on oil as an economic and a single, and the exploitation of natural resources other in a balanced way and go to the construction industry through the establishment of factories petrochemicals, fertilizers and rely on agriculture and tourism sectors.”

He stressed, “The government began inviting international companies to encourage them to invest,” adding that, “The year 2014 will be a year of investment in Iraq.”

It is noteworthy that Iraq was launched in the month of May of 2010, the National Development Plan Five-Year 2010-2014, aims to reduce disparities and barriers between urban and rural areas, and the establishment of infrastructure and securing social services and jobs, and increase the GDP by 9.38 percent average annual growth during the period with the work plan to diversify the economy which currently depends on oil imports.

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