The Commission expects the economy of weak import demand for domestic product in 2016, Iraq

December 28, 2015 10:32 am

Counting economic and Investment Committee Member representative Burhan Al-mamouri said Monday the financial crisis affecting the country as a temporary crisis that Iraq possessed large economic potential with invited the Federal Government to exploit this potential in the agricultural and industrial sectors, transportation and filtering to expand the country's non-oil resources, forecast lower financial inventory of hard currency and weak import that will revive the country's private sector.

Akram said in a press release, the current financial crisis is a crisis of cash and does not mean that Iraq is a poor country, the reasons for these upheavals crisis to mismanagement by previous Governments and low oil prices.

Crisis and everything that goes around by cons but among potential positive factor represented by forcing all local economic sectors took the reins and start to develop small industries and fill the vacuum before declining flow of imported goods, especially the Iraqi private sector now became strong and focused has significant cash blocks add to the experience accumulated through openness to world economies, noting that it would be an important step in if offset government actions in activation of tariff and legal protection of the product Local.

Akram predicted a decline of local inventory of foreign currency as a result of lower oil prices, which is the basis for Iraq's imports column of hard currency so it reflected the value of the dollar on the one hand, and weak import demand here will be domestic production is the best alternative at the same time, the emergence of large industries away from government intervention.