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Oil Production Makes Iraq Fastest Growing Economy

27 Nov 2012
US bank verified that Iraq would be the quickest growing country in the world during this current year and also the next year, with GDP 10.5%, attributing the cause to boost oil production, with the country anticipating achieving a 9% growth rate until the year 2017. The Bank of America Merrill Lynch said in a report that Iraq is going to be the fastest growing country in the field of business in whole world during the current year 2012 and next 2013. The bank anticipated that for the next year, Iraq reports in 2013 a decline in the improvement rate to 8.2%, though considering the ratio not that bad, focusing on the point that this light fall will not stop Iraq’s economical growth. On the other hand, the bank said that the anticipation and the Economist intelligence Unit point at a slight difference in numbers, explaining that it grew in Iraq by 8.5% for 2012 and the expected growth of 8.2% for 2013. But the bank also confirmed that he expected that the growth of Iraq’s economy is huge and its stable rate of 9% during the year within 2013 and 2017. The Oil Ministry of Iraq proclaimed that in November 23, 2012 from higher oil exports and profits by the end of 2012 in spite of the bad weather experienced southern ports, while verifying that the largest share of it went to Asian markets. The bank in its published report warned saying that the acts of violence, especially those located in central Baghdad will continue to interrupt the economy. Although he stated that the improvement in the security situation will help to encourage economic activity in some southern provinces and Western, that is more harmonized that the religious aspect. Tony Blair, the former British Prime Minister said same optimistic words about Iraq with a growth rate of 9%, in a time rising oil profits, while indicating that its economy has doubled this year in comparison with its size of 10 years ago, while attending a conference Iraqi Business Council fourth held in London on 6th November, 2012. The Oil Ministry has gone through an agreement in mid of July, where last initial exploration and investment un patches exploratory 8, 9, 12 with international oil firms won fourth licensing round, which started on May 30 for 12 exploration blocks in separate parts of the country, includes seven of the gas fields and five oil. Identified Organization of Petroleum Exporting Countries (OPEC) quota Iraq three million 800 thousand barrels a day, but does not issue only 2.5 million barrels per day currently and is determined export share deal between the Member States and WHO, depending on certain criteria most significant reserves of each State, with Iraq demands increase its share on the basis of what he says is “new oil discoveries” has. Iraq exports crude oil from the ports of Basra province and Khor al-Amaya on the Arabia Gulf, as well as Turkish port of Ceyhan on the Mediterranean Sea and also to Jordan through the truck by truck. The percentage of Iraqi exports from the province, Basra oil near about 90%. Source: [Al Forat]
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