Economic prospects for Iraq after the upcoming elections

by **Ponee** Tue Apr 29, 2014 10:08 am

04/29/2014
Economic prospects for Iraq after the upcoming elections 737843431

With the Iraqi budget pending in Parliament there is a decisive economic reforms await Iraq's private sector, the disabled and the infrastructure, and the prospects of the Iraqi economy after elections next Wednesday will depend heavily on the oil factor by words, Monday, Agence France-Presse in itsIraq has one of the largest global reserves of oil and gas and is aimed at promoting energy production significantly but the slow bureaucracy and poor infrastructure caused by reversing back.To make matters more complex is the ongoing conflict between the Central Government and the Kurdistan Regional Government, which sought to export agreements were signed with oil companies without the express permission of the Central Government.Crude oil accounts for 90 percent of exports and Government revenues in the country and 70 percent of GDP according to the IMF report, despite invitations to Iraq the need to diversify its economy but oil is still the focus of rebuilding the country after decades of conflict

The Eurasia Group, said the Director of the Middle East and North Africa which are full, "for how the Iraq focus is to develop the economy more diversified and less dependent on oil production.

And one percent of the workforce in Iraq in the oil sector but this sector supports indirectly what is welaihasi from other sectors in the oil revenues in particular help to provide public sector salaries.

At the same time private companies outside the oil sector suffers from an ageing Iraqi banking system with little credit and outdated laws that make it difficult to create or maintain a business.

Also, rampant corruption and rising costs because of the lack of electricity also will be held in Iraq.

The World Bank report said that Iraq's economy suffers from structural weaknesses, it was observed that despite the progress and strong economic expansion but it wasn't enough to achieve substantial progress on the eradication of poverty and exclusion.

The report added that "poor governance and justice system inefficient and inconsistent regulations and security issues have kept Iraq at the bottom of the list of rankings for doing business."

As said, a political science professor at Al-Mustansiriya University EA Feili "we don't reap the benefits attract investment or establishing manufacturing or growing real exists", adding that "Unfortunately, the political elite over the years were either lazy or didn't find the solution or did not have the capacity to do so. http://goo.gl/f430up

by **Kevind53** Tue Apr 29, 2014 12:17 pm

Corruption and dependency on oil sales are major weaknesses for Iraq. Corruption seems a way of life ion much of the region. Perhaps we will see it diminished, but it will take a long time IMO. Unlike most of the gulf region, Iraq actually has some other resources that could lessen their dependency on oil, but this too is a long term project. IF they can overcome these two issues and overcome the sectarian violence that threatens their security, Iraq has a very promising future. I hope so, I have developed a lot of admiration for the people of Iraq.

by **RoyBoy** Tue Apr 29, 2014 5:46 pm

Kevin you said it best, there way of life ! And how long do you think it will take them to change??? LOL They know no other way. We just pray the new generation can weed out the old.

by **Jayzze** Tue Apr 29, 2014 6:30 pm

it all depends on who wins. if m and shristani the min of oil win do not expect much of a change except in the bank account

Economic prospects for Iraq after the upcoming elections

Economic prospects for Iraq after the upcoming elections

Re: Economic prospects for Iraq after the upcoming elections

Re: Economic prospects for Iraq after the upcoming elections

Re: Economic prospects for Iraq after the upcoming elections