CBI Advisor: Painting a rosy picture of the national economyPosted: November 23, 2010

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CBI Advisor: Painting a rosy picture of the national economyPosted: November 23, 2010 by Justhopin in Iraqi Dinar/Politics

Tags: Baghdad, Central bank, Economic growth, Gross domestic product, Iraq, Ministry of Oil, Radio Free Iraq, United States 0Central Bank Consultant: a significant increase in per capita income of the growing power of oil

Baghdad morning

Likely Adviser at the CBI the appearance of Mohammed Saleh, said that per capita income is rising exponentially in the coming years as a result of the growing power of oil, as warned, an economist at the bank itself as Abdul Hadi (comparisons useless), stressing the need for (the contribution of other sectors in Gross Domestic Product).

Saleh said that (the oil revenues of the projects and contracts concluded by the Ministry of Oil will provide the resources to pay the wheel of economic growth rates exceed rates of five-year plan to about 14 percent annually).

The Ministry of Planning and Development Cooperation has prepared a five-year plan for the years 2010 2014 the initial aim of achieving an annual growth rate of more than 9 percent a year and the second aimed at achieving a gradual increase in the contribution of other sectors in GDP, especially agriculture, industry and tourism.

And Radio Free Iraq quoted Saleh as saying that (the combined financial resources of Iraq with the technological expertise to the foreign investor will achieve a progressive model of development), drawing a rosy picture for the future of the Iraqi economy (per capita income is increasing exponentially as a result of growth driven by strong oil). And Acharsaleh that (China, which is the fastest economies in the world growing at the present time, it took the development of infrastructure, the impetus to economic growth), indicating that (infrastructure growth by 1 percent induces a growth rate of 1.5 percent in the productive sectors).

But an economist at the Bank Central on behalf of Abdul Hadi warned (comparisons not meaningful at the time, efforts are focused on increasing the contribution of other sectors in the composition of GDP to reduce the nature of rentier nature of the Iraqi economy by relying on the oil sector).

The expert Abdul Hadi that (success-driven development proceeds Oil is measured by the sustainability of growth rates and the impact of development on other economic sectors by increasing their contribution to the local production and not only growth sector of oil and gas).

Meanwhile, back financial expert Majid that the picture of growth rate (determined by the five-year plan is weak compared with the potential of Iraq, especially increases expected in the domestic production of oil and gas in the coming years), without dismissing the possibility of achieving Iraq’s economic growth rates of up to 20 percent (provided that an integrated plan and manage economic rational), as he put it. experts believe that the most prominent challenges facing the plan is to Iraq’s dependence on oil revenues, and its exposure to the outside world and import almost everything to the low contribution of other sectors in the domestic production and the limited role of the private sector in the development process. and adopt the budget on oil and gas revenues and is allocated for the purposes of development and investment, with betting experts on the contracts signed by the Ministry of oil with international companies to develop oil fields and gas giant, while others contend that such contracts are in favor of those companies primarily base. Turkzalesiasp and economic status quo in Iraq to encourage foreign capital to work in Iraq in accordance with appropriate legal framework.

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[QTen]

Saleh said that (the oil revenues of the projects and contracts concluded by the Ministry of Oil will provide the resources to pay the wheel of economic growth rates exceed rates of five-year plan to about 14 percent annually).

The Ministry of Planning and Development Cooperation has prepared a five-year plan for the years 2010 2014 the initial aim of achieving an annual growth rate of more than 9 percent a year and the second aimed at achieving a gradual increase in the contribution of other sectors in GDP, especially agriculture, industry and tourism.

Are these COMPOUNDED RATES OF GROWTH???? If so, that's HUGE!!!!