Economic Adviser: Iraqi economy is starting from next June and a clear movement

Economy | 10-01-2011
Baghdad / Orr News
Sign adviser to the CBI the appearance of Mohammed Saleh, said that “the economy of Iraq starting next June Movement and clear,” he said, adding that “the investment budget allocated by the Government equal to 30% of the general budget and 20% of GDP, and this alone is enough to bring about positive changes in trends local markets. ”
He said that “the Iraqi economy to achieve growth rate of 7% in 2011, this growth will also lead to double per capita income over the next decade by between 80-10 thousand dollars a year in the light of the government’s assertion to spend 80% of the oil revenues on development issues.”
And fears the return of state control over the economy through increased government spending continued and continued employment policy, central bank adviser said, “State intervention in the current normal, due to the transitional status experienced by the Iraqi economy first,” he said, “and the technological development led to the inflated role of the state 5% , and the proportion of state involvement in the Western economy, between 25-40% after conversion to institutions to regulate economic life. ”
He noted, “Iraqi government interference is important, for the purpose of directing the oil resources for the reconstruction of infrastructure, because we do not have other resources for the advancement of the national economy,” and stressed “the need for the role of the State invested in infrastructure in order to encourage foreign investors to enter the local market.”
He noted the appearance of “to a decline in the purchasing power of oil revenues in the global economy over the past forty years, Oil on the verge of depletion during the next two decades, and there are efforts to search for energy alternatives, especially as the oil is only 30% of the energy sources at the present time.”
And stressed the economic expert for the appearance of Mohammed, “Iraq in front of a golden opportunity to diversify its economy by investing the oil resources to rebuild the infrastructure and attract foreign capital and local communities,” but he noted the “development management” as the main obstacles to development.
However, the appearance seemed optimistic about the exit of the Iraqi economy from a state of “uncertainty”, which has suffered over the past year.