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Tuesday, September 29, 2015

Experts Expecting 8% GDP Growth Per Annum, 29 SEPT

 A number of specialists and experts from the financial and economic affairs predicted that Iraqi non-oil sector is improving its growth rate and it would be more helpful to increase the GDP growth rate at 8 percent per year. They admired the reforms packages and major steps taken by the Iraqi government, which would turn on the private sector to bring down the dependency on oil revenues for the next year 2016 budget. At the other hand, continuous decline in the global oil prices critically pushing down the Iraqi economy. A famous economist Ali Al Shammari said that Iraqi economy is suffering from shortage of variations. Now the oil revenue is participating 50 percent of gross domestic products by its 100 percent of oil exports. The other non-sectors are only participating 10 percent which is badly affecting the Iraqi economy in recent global crisis.
Al Shammari further added that Iraqi economy is still suffering due to the downfall in the oil prices and deficiency in the non-oil productions. The security situation in Iraq also a major factor that thrown out a huge amount of money to maintain the security in the country. The Iraqi Prime Minister has made plans for the economic development that will contribute to secure the Iraqi economy and move it towards betterment. Iraqi is currently exporting 3.1 million barrels oil per day. Last week, the Iraqi Finance Ministry has submitted a budget 2016 draft to the Council of Ministers. The revenue in this draft calculated according to the expected oil exports of 3.6 million barrels per day and at the price of 45 U.S dollars per barrel.

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