However, the economy of Iraq faces structure weaknesses like dominant public involvement in all areas of the economy, underdeveloped business environment, and non attractive business facilities for the foreign investors, and small non oil sectors. This is leading to become a problematic situation for the Iraq. Iraq needs to overcome these issues in order to Improve its Economic Growth.
Economy of Iraq depends on the oil productions, based on the oil production, economic progress comes on the parameters. Iraq needs a constant development in oil and gas sector in order to strengthen its currency and economic conditions. For short term, economic progress of Iraq is expected to remain strong in the short term.
According to the statistics analysis, the GDP growth rate rise to 6.3% in 2014. It is quite remarkable for the depressed economy of Iraq. Iraq’s macro economic progress has been skyrocketing since last few years after the war. However, there are lots of risks and threats to the economy of Iraq like social instability, weak policy implementations and religious conflicts. This could lead to the wastage of efforts, lower the oil revenues, deteriorating the fiscal position as well as escalation of inflation rate.
