Expectations of a recovery the economy with higher oil production

5/24/2016 0:00

BAGHDAD - Farah pumice
Although Iraq is currently going through a financial crisis, but there are signs that the local economy may bring a recovery during the next phase in line with the increase achieved in the oil industry and security victories.

Iraq has managed with the help of international oil companies from raising oil production to more than four million, after it was no more than 2.5 million barrels per day by the year 2003, while oil exports increased the barrier of 100 million barrels per month, a figure achieved by Iraq for the first time in history.

The government expects to expand this capacity to reach 10 million barrels per day in the coming years, as planned, which will put Iraq in the ranks of major oil producers in the world.

Extrapolations of the International Monetary Fund for the Iraqi economy, predicting that it will achieve good growth after obtaining financial loans, but it is not without worrying about oil prices, despite the fact that projections indicate the possibility of rising in the latter half of this year and reach its price to $ 70, the middle of next year, This means that Iraq's imports of oil could reach more than 7 billion in the month, compared with 3 billion and $ 300 million in April.

Says expert Dr. peace Sumaisem: The «notable increase oil production achieved economic growth even though it was a formality in order to increase the amount of money, but all that matters is the citizen rates of development.»

And suggest that «economic growth, if it occurs should be socializing with low literacy rates and increased operating rates and increased electronic access rates, called (the elimination of the electronic illiteracy), and the per capita share of calories, and its share of the electricity, education, social welfare and health services of energy, while not all realized there is no meaning for economic growth is the increase formality. »

According to international reports, it is encouraging signs that attest to the Iraqi economy will take a gradual recovery is foreign investment in the provinces and safe areas.