Expectations of economic recovery with higher oil production
24/5/2016 12:00 am
Baghdad-the joy of pumice.
Although Iraq is going through a financial crisis, but the indicators confirm that the local economy may rebound during the next phase in line with the increase in the oil industry and security victories.
Iraq was able with the help of international oil companies from raising oil production to more than four million, having had no more than 2.5 million barrels a day until the year 2003, while oil export rose above the 100 million barrels per month, a figure achieved by Iraq for the first time in its history.
The Government expects to expand this capacity until it reaches 10 million barrels a day in the years ahead, as planned, which would put Iraq in the ranks of the oil producers in the world.
Extrapolations of the Iraqi economy the International Monetary Fund predicts that it will grow well after obtaining financial loans, and it is not without concern about oil prices, although expectations of possible rise in the latter half of this year and the arrival of its price to $70 mid next year which means that Iraq's oil imports may reach more than 7 billion a month, compared with 3 billion and $300 million in April last year.
Cycling-Dr expert says peace: «the significant increase in oil production, economic growth even though it was nominally to increase the amount of money, but all that matters is the citizen development».
And indicate that economic growth if it happens it should lower rates of illiteracy and with socializing increase operating rates and increased rates of electronic access, (e-literacy), and per capita calories, its share of electrical energy, education, social welfare and health services, with all unfulfilled, no sense of economic growth increase is a formality.
According to international reports, encouraging signs that the Iraqi economy will take gradual recovery is foreign investment in the provinces and safe areas.