Keeping It Right

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Tuesday, January 22, 2008

Iraq's Economy Better?

Iraqi economy set to accelerate, IMF predicts
Source: Telegraph (UK)

Last week a colleague of mine was pondering over the number of military service men/women deaths in Iraq, and briefly mentioned in humor about the Iraq's economy....well, ahh, good news!


News Story: The Iraqi economy should enjoy a significant acceleration in growth this year if the country's security situation continues to improve, the International Monetary Fund predicted today.

The IMF expects the economy to expand as much as 7pc this year, possibly rising to 8pc in 2009, after anecdotal evidence suggested the country has topped the fund's prediction of 1.3pc growth for last year.

Mohsin Khan, director of the Middle East and Central Asia Department at the IMF, said: "I think for 2008 we are expecting a significant jump in growth, to be a little over 7pc.

"Of course, all this is conditional on expansion in oil production, and most importantly, on the security situation continuing to improve."

Oil accounts for 70pc of Iraq's gross domestic product and its production has been severely disrupted since the country was invaded in 2003. However, the IMF said that the jump in crude prices last year more than offset disruption to production.

To read more: http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/17/bcniraq117.xml

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