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"Iraqi Economy Booming!"-But Far From Perfect

Sun Dec 24, 2006 2:56 am

Lets hope this economy continues to expand and the civil unrest abates.



Iraq's Economy is Booming
In what might be called the mother of all surprises, Iraq's economy is growing strong, even booming in places.
By Silvia Spring
Newsweek International

Civil war or not, Iraq has an economy, and---mother of all surprises---it's doing remarkably well. Real estate is booming. Construction, retail and wholesale trade sectors are healthy, too, according to a report by Global Insight in London. The U.S. Chamber of Commerce reports 34,000 registered companies in Iraq, up from 8,000 three years ago. Sales of secondhand cars, televisions and mobile phones have all risen sharply. Estimates vary, but one from Global Insight puts GDP growth at 17 percent last year and projects 13 percent for 2006. The World Bank has it lower: at 4 percent this year. But, given all the attention paid to deteriorating security, the startling fact is that Iraq is growing at all.

[Edited 2006-12-23 18:58:31]
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Joined: Mon Nov 28, 2005 2:39 am

RE: "Iraqi Economy Booming!"-But Far From Perfect

Sun Dec 24, 2006 6:13 am

Lets not get to excited:
30 to 50% unemployment; many former state industries have all but ceased to function
and the other line that caught my attention "The withdrawal of a certain great power could drastically reduce the foreign mony flow, and knock the crippled economy flat.

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