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Iraq Economic Growth Rate Expected Reach 47% by 2014

January 30, 2011

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Baghdad, (AKnews) – The Iraqi Planning ministry stated on Saturday that the rate of economic growth will reach according to the strategic plan of the ministry to 47% by 2014.

Abdul Zahra al-hindawi, the spokesman of the ministry told AKnews that the annual economic growth rate reach to 9.38%, and the improvement will have a positive impact on the economic situation in the country and the level of general income of the Iraqi people.

“The value of the implementation of strategic projects is estimated by $ 186 billion, and the allocations of the public budget should be $ 100 billion, while the remaining $ 86 billion will be spent on local and foreign investment projects.”

“Iraq is heading towards economic stability after the security situation improved relatively in many Iraqi provinces.”

The International Monetary Fund stated earlier that the economic growth in Iraq was slower than expected during 2010 in the economic review of the fund, because the expected growth in oil production was not achieved.

The Iraqi Central Bank (ICB) described earlier the rates of economic growth in 2010 as “shameful” compared with past years.

The ICB revealed last October that the 2011 budget will raise the economic growth by 10% .

(Source)

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