Bank of America: Iraq fastest growing in the world because of the high production of oil

US bank confirmed that Iraq would be the fastest growing country in the world during this year and next year, with record high GDP 10.5%, attributing the cause to increase oil production, with the country expected to achieve a 9% growth rate until the year 2017.

The Bank of American Merrill Lynch in a report, “Iraq will be the country’s fastest economic growth in the world during the current year 2012 and next 2013,” noting that “GDP recorded a 10.5% improvement.”

As for next year, the bank predicted that “Iraq reports in 2013 a decline in the growth rate to 8.2%, but considered that this ratio is still impressive,” stressing that “this decline will not stop him from being the country’s most developed in the world for once II.”

The bank said the other hand, that “expectations and the Economist Intelligence Unit indicate a slight difference in numbers,” explaining that it “grew in Iraq by 8.5% for 2012, and predicted growth of 8.2% for 2013.”

But the bank returned to confirm that he expected that “the record growth of Iraq’s economy stable rate of 9% during the years between in 2013 and 2 017″, adding that “This growth is due primarily to higher oil-producing country.”

The Oil Ministry announced, in November 23, 2012, from higher oil exports and revenues by the end of 2012 despite the bad weather experienced southern ports, while confirming that the largest share went to Asian markets.

The bank warned in its report that “acts of violence, especially those located in the central areas in the capital Baghdad, will continue to disrupt the economy, “but he also said that” the marked improvement in the security situation will help to boost economic activity in some southern provinces and Western, which is more homogeneous than the religious aspect , which in turn would lead to increased wholesale and retail trade. “

He pointed Bank also noted that “China will be the second fastest country growing in the world in 2012, with record GDP improved by 7.7%,” stressing at the same time that the “top ten markets in the world will record a growth of only 5.5% this year due to problems with Organization for Economic Cooperation and Development.”

The former British Prime Minister Tony Blair said, during a conference Iraqi Business Council British fourth held in London on November 6, 2012, that Iraq will become the fastest growing countries will see this year a growth rate of 9 percent, in a time of rising oil revenues, while pointing that its economy has doubled this year several times compared to its size 10 years ago, most likely to register the country’s revenues increased by three-fold by two thousand and twenty.

The U.S. Agency for International Development announced, in (11 October 2012), the allocation of $ 200 million to finance various projects in Iraq during the current year two thousand and twelve, with Ezzat reduce funding for projects to improve the security and the ability of Iraq’s financial, stressing the country’s need to develop administrative capacity and technical and not for the money.

The Oil Ministry has signed a mid-July contracts last initial exploration and investment in patches exploratory 8, 9, 12 with international oil companies won fourth licensing round, which began on May 30 for 12 exploration blocks in different parts of the country, including seven gas fields and five oil.

Identified Organization of Petroleum Exporting Countries (OPEC) quota Iraq three million 800 thousand barrels a day, but does not issue only 2.5 million barrels per day at present, and is determined export share agreement between the Member States and WHO, depending on certain criteria most important reserves of each State, with Iraq demands increase its share on the basis of what he says is “new oil discoveries” has.

Iraq exports crude oil from the ports of Basra and Khor al-Amaya on the Arabian Gulf, as well as Turkish port of Ceyhan on the Mediterranean Sea, and through the truck by truck to Jordan, and percentage of Iraqi exports from the Basra oil about 90 percent, while the remaining issue of Kirkuk’s oil fields north country through the Turkish port of Ceyhan.