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Thread: Iraq's economy

  1. #1

    Iraq's economy

    Did a search and found these:
    [QUOTE]Economy in Iraq grows
    By James Cox, USA TODAY
    Iraq's economy is providing pleasant surprises, including booming consumer demand, strong oil revenue and healthy foreign exchange reserves, a top Treasury official said Thursday.
    "The economy is beginning to work and thrive again and grow," John Taylor, undersecretary for international affairs, said by telephone from Baghdad.

    U.S. occupation authorities estimate Iraqis have imported 1 million cars and trucks and more than 500,000 satellite dishes since fighting ended in April, Taylor said.

    Other signs of improvement:
    [/QUOTE]

    [QUOTE]Civil war or not, Iraq has an economy, and—mother of all surprises—it's doing remarkably well. Real estate is booming. Construction, retail and wholesale trade sectors are healthy, too, according to a report by Global Insight in London. The U.S. Chamber of Commerce reports 34,000 registered companies in Iraq, up from 8,000 three years ago. Sales of secondhand cars, televisions and mobile phones have all risen sharply. [/QUOTE]

    Look [url=http://www.msnbc.msn.com/id/3032072/] here [/url] and [url=
    http://www.msnbc.msn.com/id/16241340/site/newsweek/] here [/url]

  2. #2
    december 31, 2006

    from the same article

    [quote]
    Money stolen from government coffers or siphoned from U.S. aid projects does not just disappear. Again, says Farid Abolfathi, a Global Insight analyst, it's the "trickledown" effect. Such "underground activity" is the most dynamic part of Iraq's economy, he says. "It might not be viewed as respectable. But in reality, that's what puts money in the hands of the little people."
    [/quote]

    also

    [quote]
    It goes without saying: real progress won't be seen until the security situation clears up. Iraq still lacks a functioning banking system. Though there's an increasing awareness of Iraq as a potential emerging market, foreign investors won't make serious commitments until they are assured a measure of stability. Local moneymen are scarcely more bullish on the long term. In Iraq's nascent bond market, buyers have so far been willing to invest in local-currency Treasury bills with terms up to six months, max.
    [/quote]

    this is what passes for good news?

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