Experts point out the strengths of the Iraqi economy

09/4/2017 12:00 am

14 years after the fall of the dictatorship

دخل Income of employees and retirees rose 100 times

قيمة The value of the dinar against the dollar has improved a lot

Baghdad / morning work team

Experts in the various economic activities have raised their views on the economic situation, where the family economy has improved and the financial transactions in Iraq have expanded and the structure of its banking system has increased, which coincided with the rise in the value of the Iraqi dinar and the start of moving the tourism side. The strategy of the industrial sector to increase production as well as raise the contribution of the agricultural sector in the gross domestic product to start the process of real economic development.

Deputy Chairman of the Baghdad Economic Forum Bassem Jameel confirmed to "morning": The follower of the reality of economic life during the past 14 years find that the level of living in a positive direction for a wide segment of citizens, especially as there are 4 million government employees receive monthly salaries improved economically by his family economically , Pointing out that this recovery in the economy is not without remarks, where it requires plans to target the unemployed and families living below the poverty line, which increased rates of these two slices of the war with the "da'ash" terrorist.

He pointed out that the period after 2003 witnessed the maximization of Iraq's financial revenues due to the sale of crude oil, but the country's security conditions prevented the completion of many plans, noting that the country needs infrastructure projects and development of its industrial and agricultural status and make it more contribution to gross domestic product.

Iraq witnessed during the last period the launch of agricultural initiative, which provided funds for agricultural projects and achieved a catalyst for production over the years.


Direct effect

On the scale of the private financial sector, the Executive Director of the Association of Iraqi private banks Ali Tariq: Iraq witnessed during the period following 2003 expansion in the banking sector and the number of private banks in Iraq and the number of products that are provided to the beneficiaries.

He pointed out that Iraq has extended bridges of cooperation with the global financial sector and has become relations and cooperation with the largest international banks that have a direct impact on the reality of this sector, which is the cornerstone of the development process sought by Iraq for the next stage, pointing out that Iraq was able to open to one of the largest Four companies in the world in the field of training Iraqi expertise on the best financial systems in the world and make the efficiency comparable to counterparts in the world.

And organized high-level follow-up courses and under the international supervision adopted by the company Icamz International and Iraqna and graduated competencies at a sophisticated level in the joints of money laundering and combating the financing of terrorism.

Industrial expert Abdul-Hassan al-Shammari said that the industrial sector in Iraq has declined a lot because of the war with the "da'ash" terrorist, where there are large numbers of factories in the areas that have been controlled and subjected to mass destruction.


Real openness

The expert on tourist affairs Hassan Ali Abdul Karim, he pointed out that during the period mentioned openness to some countries of the world where the Iraqi citizen is able to travel for many purposes, and the signs of real openness we point out when we find foreign tourists to the areas of the marshes of Iraq and in this aspect can To create real financial resources covering a large proportion of the Iraqi market need.

He pointed out that as specialists in this aspect, we found a genuine Iraqi desire to open up to the world and extend bridges of cooperation, especially after we noticed that international companies specializing in tourism began to travel to southern Iraq and this means that we started the right way to build a tourism sector with significant resources, This should also be taken into consideration from the public and private sectors and establish short, medium and long-term plans for this important and progressive stage of Iraq's tourism potential.

The economy of Iraq during the past 14 years has undergone different transformations in the extent of its effects in both the family economy and the general economy of the country.

At the level of the family economy has seen a recovery and recreation, especially after the increase of salaries of employees to about 100 times what they were paid before 2003, After 2003, witnessed the biggest achievement, with inflation levels falling from two to one.

In this regard, economic researcher Lubna al-Shammari said: The years after 2003 witnessed economic transitions worthy of reflection, especially that Iraq achieved what was unable to achieve in the past three decades.


The last ten years stable in the exchange rate of foreign currency lasted for about two years (from 2010 to 2012) did not witness Iraq in the past as the exchange rate fluctuates a lot in one day, indicating that it was the dollar in the morning sold at a price and in the evening sold at another price.

 Inflation Inflation According to the economic researcher Firas Amer, the general economic inflation of Iraq fell significantly from two to one tenth grade, which in itself is an achievement calculated for the monetary and monetary policies of the country and reflects the extent of their success in absorbing inflation and control.

 Inflation is defined as the high general rate of prices during a specified period of time which is usually one year or more. However, not every price increase is inflation.

 There may be an increase in the price of a particular commodity or a group of commodities such as agricultural products, for example, for marketing or productive reasons. Or for seasonal reasons such as high demand for consumer goods and services in certain seasons such as holidays.

 Amer pointed out that the statistics indicate that the average inflation rate during the period 1991-2002 was 115 percent, while in the period 2003-2010, the average inflation rate was 23 percent, indicating that there is progress in reducing the inflation rate in the country after the change.

 For his part, the financial expert Thamer al-Azzawi, the overthrow of the dictatorial regime a positive event on the Iraqi economy.

Al-Azzawi told Al-Sabah: "The Iraqi economy and despite the challenges faced by security, it has recovered significantly from what it was before 2003," noting that "the income of the Iraqi individual doubled more than 200 percent compared to the period of the former regime, noting that the level of living For the retired and employees witnessed an unprecedented rise in the history of Iraq The expert also pointed out that the Iraqi market has seen great mobility and pumping billions of dollars worth of more than a trillion dollars, adding that the money contributed to the revival of the economy, as well as the employment of millions of Iraqis from the unemployed because of Policies of the dictatorial regime "The annual income of the citizen has improved than it was before 2003, where in the best cases 200 dollars a year, while the lowest annual income now exceeds $ 5,000."

 The expert pointed out that the financial sector and banking has undergone major changes for the better, Local and foreign private banks and the provision of financial and banking services and modern technological methods, strengthened the economic cycle in the country Kamel Saad al-Zubaidi citizen of the city of Baghdad said: The talk about the economic aspect exclusively for the period after 2003 find it positive, the citizen looking for a source of money believes the requirements of his life And found it in government jobs and lived A non-governmental organizations while the country saw a move in the construction of its sectors where employment opportunities created in more than one joint.

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Bring recovery
Al-Shammari said in an interview with Al-Sabah that the most prominent thing that the country witnessed at the level of the family economy is the well-being that came through increasing the salaries of the employees in general, which enabled them to achieve economic recovery at the family level, which is clear if the parents are employees in the public sector.
She pointed out that this recovery led to an increase in commodity consumption, especially on luxuries, appliances and imported goods, in the absence of national production caused by lack of electricity.
For his part, said the academic economist d. Majid al-Bidhani: The dinar exchange rate against the dollar rose after 2003, explaining that it was reaching very modest levels before the change.


Increase the reserve
"The currency of the 100 dollars was equivalent to 350,000 Iraqi dinars before the change," al-Baydani said in an interview with Al-Sabah. He said the local currency had received support by increasing the cash reserve, which contributed greatly to increasing its value and doubling its purchasing power.
Al-Baydani pointed out that Iraq's production of oil rose to record rates reflected on the strength of the currency cover, which doubled the strength of the dinar against the dollar, which reached the exchange rate these days 1250 dinars per dollar, which is close to the value of the real dollar.
He pointed out that the markets also witnessed during the four