World Bank: Iraq is making tremendous growth until the end of 2013 and fall to 11% in 2014
World Bank: Iraq is making tremendous growth until the end of 2013 and fall to 11% in 2014
WEDNESDAY, JANUARY 16 2 / JANUARY 2013 09:01
Twilight News / World Bank said in a report Wednesday that Iraq has grown “dramatically” in 2012, and predicted that this growth will continue to rise until the end of 2013 as likely to fall in 2014 and 2015 due to weakness in the industrial and agricultural sectors.
The report, which received a “Twilight News” copy that “Iraq has achieved growth in 2012 amounted to 11.1% compared with 2011, which achieved a growth of 9.9%.”
The report predicted that “Iraq is making tremendous growth in 2013 of 13.5% due to higher oil exports.”
He guessed that “growth in Iraq will decline during 2014 and 2015 due to weak industrial and agricultural sectors in Iraq and ensuring compliance with OPEC oil quotas.”
The report continued that “growth in Iraq will fall in 2014 to reach 11.0% in 2015 will drop more for up to 8.5%.”
The governor of the central bank and agency Basset Turki said at a banking conference attended by “Twilight News”, “I expect that GDP up to $ 150 billion by the end of 2013 and growth will be 9%.”
Iraq has the fourth largest reserves of oil in the world, and became produces more than three million barrels per day for the first time in three decades with the recovery of the sector after years of war and sanctions.
Iraq and achieve 95% of public revenues from the oil sector, but the country still needs to invest in non-oil sectors and develop crumbling infrastructure and power generation system.
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