Australian economist: Iraq has the highest growth rates of GDP for any economy above the rate of $50 billion

Posted by on Feb 11, 2014 | Leave a Comment

Sunday February 9, 2014
Saw Analyst economic Australian, on Saturday, that Iraq needs to “long list” of projects for development, as well as projects that are needed for reconstruction, stressing that Iraq has the largest percentage of growth for countries that increase the budget over 50 billion dollars, while the IMF warned of that Iraq would face if inflation dish the spending plans for the year 2014, he explained that the infrastructure provided for the production and export of oil impede the construction process in Iraq.

Said Courtney Trinot, analyzed the economic from the University of Onakung Australian, in a study it published site Arap Bzenz quoted details, including the “long-Presse,” that “Iraq does not need just a long list of reconstruction projects, but also to the development of a country is one of the world’s oldest civilizations and budding ,“unexpected” increase in oil revenues in much of the country by the end of this decade. “

And cites Trinot in its report as said by Director of the largest banks Iraq commercial Hamdiya dry at the junction of the Iraqi banking, which was held recently in Dubai, that Iraq is still in need of basic infrastructure, as well as the development of the reconstruction of the cities to three million housing units with industries and investments in advanced energy with the need for health institutions and service.

The Trinot that “the growth does not mean they are in Iraq lame, but that Iraq had the highest growth rates of GDP for any economy above the rate of 50 billion dollars, and put in the IMF ahead of countries such as China, Libya, India and Qatar,” indicating that “This phenomenal growth rate depends entirely on the oil left with small percentages estimated 10% confined to the scope of a small private investment currently taking place in the country.”

Said Carlos Sdralafj, director of the IMF mission in Iraq, “while the world wants to buy any quantity of oil produced by Iraq, the infrastructure, the old country in the areas of production and export of oil works to block it,” pointing out that “Iraq needs to access a barrel to $ 105 at the very least to be able to balance the budget, a rate higher than any other oil-producing state. “

The Sdralafj that “the Iraqi government if it goes forward in the implementation of its plans the spending of the year 2014, they will be recorded inflation record and drain the country’s reserves of hard currency,” noting “the existence of a structural problem because the financial performance of the country depends on oil revenues and that this dependence is on the rise continuously. “

Said Majid Jafar, CEO of Crescent Petroleum UAE, which amount to investments in the Kurdistan region of up to 1.5 billion dollars, said that “there are sites and wide are still unexplored in Iraq and that the exploration for oil and gas are considered in the early stages now,” expected to “possess Iraq’s largest reserves of oil and gas in the Middle East. “

In the opinion of the International Monetary Fund (IMF) that Iraqi oil production could increase from its current level of 3 million barrels per day to reach 5 million barrels per day by 2018, and this is in line with the estimates and the International Energy Agency (IEA) to reach the oil production to 6 million barrels per day by the year 2020. And with more ambition Iraqi government is seeking to reach the desired goal of producing 9 million barrels per day by the end of the decade.

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