Iraq’s Economy – Achievement is Nearing

All the recent reports have shown that the economy of Iraq is growing and it is growing rapidly. It is expected by 2030, that Iraq will establish its own oil and gas set up to control over the Middle Eastern energy output. No doubt that the most significant and largest resource of Iraq’s economy is the oil production and so Iraq is putting much effort on it to expand it at its best.

One of the most hopeful sign for country’s economy is the proper upturn of foreign investment. That could take Iraq to reach its aim. In 2011, Iraq has managed to attract $55.67 billion foreign investors and some other saleable actions.

Truly the government of Iraq is taking attempt for creating a better environment for the foreign investors, recovering from all the inner-state or inter-state political tensions and other obstacles.

The New- York based companies like Exxon Mobil, BP, CAM, WFT etc, they have already invested into the country and looking forward to expand the business. Even Cameron, China and South Korea have shown interest into investing in Iraq. South Korean company STX group have decided and planning to start an extended gas and oil processing plant in southern region of the country, Basra district. The investors are assuming the country as disturbed place because of some past political incidents, but Iraq has worked on security and other issues and so the director of the Baghdad Investment Commission, Shaker al-Zamily assures and says for not missing the opportunities to enter and start business in the country.

The real estate industry is also making its place rapidly. Iraq estimates, it requires to build up more than 800,000 houses or apartments, according to Shaker al-Zamily.

Another problem of the country is facing is unemployment. The country undeniably highly depends on the oil production, but having a population of above 30 million, it is quite hard for the government to employ all the citizens with the help of oil revenues. The government needs to take more wise and clear decision in order to make the economy stronger. 30% or more than that of the budget( $100 billion) is going for pensions and salaries. And most of the Iraqi citizens depend on the government for employment, whereas they should look for abroad studies or jobs and help the country’s economy to grow more.

Besides some negative aspects, Iraq truly has got so many positive points to have faith in it and drawing attention of whole world of economy.