Expectations of higher GDP growth rate of 8% per annum
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    Expectations of higher GDP growth rate of 8% per annum

    Expectations of higher GDP growth rate of 8% per annum

    BAGHDAD / JD / .. expect a number of experts and specialists in the financial and economic affairs, the non-oil growth next year recovery onwards which will help to raise the GDP growth rate of 8% per annum, and praised the reformist government of the steps that would activate the private sector to reduce the dependence on oil in the next building budgets, while played down the seriousness of the continuing decline in oil prices on the Iraqi economy. He says economist Ali al-Shammari, that the Iraqi economy suffers from a lack of diversification, where oil is the 50% of gross domestic product and nearly 100% of exports, while the form of other sectors of non-oil ratio of only 10%, which made the economy affected by any crisis universal.

    He said al-Shammari, told / JD /: "Iraq is currently suffering from the economic downturn due to lower oil prices and the lack of alternative oil productive sectors in addition to the conditions experienced by the country from the war that drained the big money. He noted that "the reforms carried out by the Prime Minister and the plans and development strategy, which was launched will contribute to the rescue of the Iraqi economy and push towards reducing dependence on oil in the coming years package, in the case of truly been applied to those plans and the true, the Iraqi economy will recover, and in accordance with the current indicators Van Iraq will increase oil production at a rate of 10% per annum in addition to creating an economic revolution through activating the investment and support the private sector will make it there growing non-oil sectors from 2016 onwards, and this will help to raise the GDP growth rate of 8% per annum."

    He said this shows that the Iraqi economy will recover and will not be affected by any economic crisis, whether oil or non-oil. Iraq currently exports about 3.1 million barrels. The draft of the Ministry of Finance for the 2016 budget submitted to the Council of Ministers last week, has calculated the revenues derived from the export of crude oil on the basis of the average price of 45 dollars per barrel and the rate of export of 3.6 million barrels per day. For his part, the economic and investment commission member Harith al-Harthy, that "the committee will proceed laws and supervised by the laws of economics have been developed that were an obstacle stand in the investors from Arab and foreign that would raise the level of the Iraqi economy and development of the Iraqi investment." He told Al-Harthy / JD /: "The improvement in the Iraqi economy will be noticeable as a result of loans that will be distributed by the banks in the agricultural and industrial sides to expand the labor movement within the country."

    He favored member of the parliamentary Economic Committee the recovery of the Iraqi economy after the activation of other productive sectors in the coming years.

    The Central Bank of Iraq announced the start of the largest finance lending programs in Iraq firing process, indicating that it belong to finance industrial and agricultural sectors and housing, also supports small and medium enterprises and revitalizing the Iraqi economy.

    While stressing the economic expert on behalf of Jamil said development project adopted by the government through the launch of loans from the central bank for banks specialized and will contribute significantly to support the Iraqi economy, provided that there are regulators following the granting of loan operations.

    Said Jamil told / JD /: that the government program presented by Prime Minister Haider al-Abadi was includes support for the private sector and activating the productive sectors through the granting of soft loans and to work towards decentralization and facilitate procedures for investors and these steps in turn revive the economy during the next phase.

    Last edited by Doodle Brain; 09-28-2015 at 08:15 PM.

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