Iraq Struggles to Create Jobs and Wealth
December 23, 2011
Iraq has some of the largest oil reserves in the world, but its economy suffers from high unemployment, war damage and the lingering effects of past international sanctions.
Crumbling infrastructure and political bickering also weigh down economic growth
.
Oil dominates Iraq’s 82 billion-dollar a year economy, yielding most of the government’s revenues and export income. It dwarfs all other sectors of the economy, and some economists say it could spur double-digit growth.
That impresses U.S. President Barack Obama.
"In the coming years, it's estimated that Iraq's economy will grow even faster than China's or India's."
Mr. Obama spoke after a recent meeting in Washington with Iraqi Prime Minister Nouri Al-Maliki. Iraq has the second-largest proven oil reserves in the world, but most of that potential wealth is still in the ground. Prime Minister Al-Maliki:
"Iraq ... needs experience and expertise and American and foreign expertise to help Iraq exploit its own wealth in an ideal way."
Foreign oil companies have made some deals in Iraq, but are hesitant to make more investments until the central government in Baghdad and the Kurdish regional government agree on clear laws governing this critical economic sector. They have haggled for years over who has the right to approve agreements with foreign oil companies and how to structure those deals.
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