Double-Digit Growth Forecast for Iraq

While much of the developed world struggles to drag itself out of recession, Iraq managed to register real GDP growth of 9.9% last year, according to IMF estimates.

Their projection for this year is 11.1 percent, followed by 13.5 percent next year, giving compounded growth over the three years of nearly 40%.

Iraq may have its problems, but economic growth is not one of them.

“There’s a tremendous imbalance between the potential wealth of Iraq and its current situation in terms of both consumer goods and infrastructure,” Farouk Soussa, Middle East chief economist at U.S. bank Citi, told Reuters.

“When it happens, the catch-up will be immense. A lot of people are positioning themselves for this.”

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One Response to Double-Digit Growth Forecast for Iraq

  1. Ameer Ladha May 10, 2012 at 5:10 am #

    Si, when double digit growth occures in such a tight international economy, one question arise, why $1/- = 1100+ Iraqi Dinar! When, next door neighbor- Kuwait – 1Kuwaiti Dinar = $3/-+, why that much difference? World’s 3rd largest oil producer’s currency value is very cheap!What is difference between Kuwait and Iraq? Please help, thanks, Ameer.