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)