Parliament: dependence on oil revenues cause a recession
11/21/2012 12:00 am
BAGHDAD - morning
warned a member of the Committee on the economy and investment MP Abdulabas Xiaa, of continued reliance on oil revenue to build the general budget and the national economy, calling for the need to diversify revenue sources by activating the vital economic sectors. said Xiaa: if the survival of the national economy and the general budget Matmdan on Revenues generated from oil would be too dangerous in the country because it will lead to a recession and the slow economic growth of the country. added must diversify national income through the activation of the vital sectors Kalsnaaah, agricultural and tourism, and urged not to rely on oil because the region surrounding Iraq in a state of political tensions and threats International which may lead to the closure of the Strait of Hormuz will lead to economic disaster in the country. Oil revenues account for 95 percent of the total federal budget, according to the estimates of experts and specialists in economic affairs.
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