Planning expects economic growth in Iraq drop to 1% in 2015

Brother - Baghdad - I expected the Ministry of Planning, Saturday, low economic growth in Iraq to 1%, noting that the decline in oil prices had a negative impact on the economy, as demanded reconsideration of projects and prioritization of them.

He said ministry spokesman Abdul Zahra al-Hindawi that "the ministry as part of its development plans was supposed to be a growth rate of up to 8% per year, but the problems suffered by them by Iraq in the last period, especially in the second half of 2014 and the decline in oil prices, affected negative on the economy, leading to recession. "

He Hindawi that "the case of the downturn affected the decline in growth rates, which experts likely to be only 1% during the current year 2015," adding that "this is a very dangerous sign because of the decline of 8 to 1%."

Hindawi said that "there is a big problem facing Iraq because of the large budget deficit and spending, which impact negatively on the investment side," and urged "the need to reconsider the projects and prioritize them."

And confirmed that the Iraqi Ministry of Planning in August 2013 that the Iraqi economy growth rate of about 9%, while economists stressed that economic growth came as an inevitable result of the increase of oil production in Iraq.

The Merrill Lynch Bank of America said in a report issued in November 2012 end, according to a poll conducted by Iraq will be top growth among the countries of the world in gross domestic product and will grow in the domestic production up to 10.5 percent, China followed with 7.7 percent.