Economically speaking, Iraq’s economy is starting to look pretty good. Its stock market grew over 25% in the Q1 from the previous year it holds one of the largest oil reserves in the world and the IMF estimates Iraq’s economy will grow 11.5% in 2011 up from 2.6% last year.
The head of State Oil Marketing Organization said that International companies are also seeking a piece of the action. According to a recent report by Dubai Frontier Consultants, 156 foreign firms from 34 different countries made deals reaching USD 42.668 billion up 48.7% from the previous year and oil revenues are expected to reach USD 26.7 billion in the Q1 a record high since the country started exporting oil decades ago.
Mr Salah Abdulrazzaq governor of Baghdad said that in addition to oil, the Iraqi government is actively pursuing growth in the housing and electricity industries. Last week the government approved a USD 120 million housing project for Baghdad including 690 housing units, 48 10 story buildings, malls and other annexes. The project will be constructed by a foreign firm that will employ 1,200 Iraqis. This project is the beginning of a larger plan that will result in the construction of 1 million housing units in the country.
At the end of April, Iraq’s Electricity Ministry signed USD 1 billion deal with China’s Shanghai Electric to increase the size of a power station currently being constructed in south Baghdad from 1320 MW to 2540 MW. Sunir an Iranian power development company, recently completed a 320MW power plant with plans to install two additional 160 MW turbines.
According to the Ministry of Planning, around 23% of the population lives below the poverty line. The official unemployment rate is 15% with another 28% working part time jobs. In February, Iraqi’s held a day of rage seeking better jobs, regular electricity, and a more transparent judicial system. As recently as May 2nd 2011, protestors requested better employment opportunities and a decrease in corruption.
( source: www.steelguru.com )