Iraq Gearing up for Major Investment Opportunities
Iraq is seeing a surge in investment activity. The nation begins to rebuild its domestic infrastructure and boost crude oil production. By the end of 2013, Iraq should see 3.5 million barrels of crude per day. Over this year, Iraq’s government is set to increase spending by 18 percent, reaching $118 billion. And the IMF has already projected that Iraq should see a yearly economic growth rate of around 9 percent. Banking in Iraq has come a long way, too, although basic banking infrastructure—ATMs, bank branches—are still lacking across the nation. However, spates of violence and an endemic culture of corruption are likely to cause some problems along the way. The Iraqi dinar is expected to experience a major improvement in terms of value, but it is important to remember that the development will take a while.