Professional services firm PwC has said its Iraqi business has grown by 30 percent over the past year.
Ismail Maraqa, a PwC senior partner overseeing Iraq operations, told the Financial Times:
“If you look at the region, Iraq is one of the few promising emerging markets out there … The business opportunities are huge. They are trying to grow the oil sector by six or seven times.
“In the past it was only oil and gas … Now you have construction, communications, banking, lawyers, healthcare, education.”
Mozhar Mohamed Saleh, an adviser to the central bank and professor of finance at two major Baghdad universities, added:
“I think there’s a big potential here. The future is bright … But because the security situation is not very good, it’s a hazy picture.”
According to the World Bank, the economy grew more than 8 percent in each of the past two years, and Iraq’s central bank predicts even higher growth.
(Source: Financial Times)
(PwC image via Shutterstock)