[millionday] Economists attributed the GDP growth in Iraq to oil activity and to increase its imports, as well as the contribution of the business sector. This comes at a time when the planning Ministry announced last August that the economy growth rate of about 9 percent this year.
Economist Dr. Majid mock said in a statement to (morning): "the process of growth and development is controversial in regards to getting the macroeconomic figures,"
adding that the micro still suffering from obstacles, as well as the production and service sectors experiencing problems and especially the role of the electricity sector, industry, agriculture and services in the composition of gross domestic product, excluding the oil sector and the trade sector.
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[millionday] note -- iraq expects to be the huge hub of energy markets in the very near future
[millionday] Mock said the main problem is not in proportion to GDP growth resulting from increased oil imports, but in the process of development and the contribution of the rest of the productive sectors in the process of composition of the GDP as the agricultural and industrial sector and other sectors.
the expert pointed out that the bulk of the development process is the result of the activity of the oil, oil imports, in addition to the commercial sector, and extensive business dealings with other States,
said that the growth rate of the industrial sector, which contributes to GDP remained between 1.5-2.5 percent, and agriculture, Indicates the type of improvement, it is still weak on the agricultural potential of Iraq, which was around 18 percent of GDP, as it now is up 7.8 percent.
[millionday] And the expert's opinion that the rate of economic growth in Iraq which is nearly 9 percent this year, but the overall numbers don't mean anything to the basic numbers for real production.
The US Bank Merrill Lynch said in a report issued by the end of 2012, according to a poll by the Iraq Supreme will be developed among the countries in the world in GDP and growth in the local production of up to 10.5 percent, followed by China with 7.7 percent.
The data showed Wall Street Bank that Iraq would achieve higher growth rate in GDP for 2012 which reached 10.5 percent, by contrast, the top 10 economies in the world will exceed the rate of growth, which is estimated at 5.5 percent for the same year.
In another report of the Economist Intelligence Unit predicted the growth rate of the economy reached 8.2 percent in 2013.
[millionday] note -- wow that is huge -- they are talking about the supreme economic council in that one part
[millionday] The Deputy Minister of planning Mahdi Al-Alaq said in a press statement: "shown by the Ministry of planning of the development economic growth figures in Iraq are usually done in coordination and cooperation with the International Monetary Fund, which is one of the most note on measuring the growth of countries", pointing out that the Iraqi economy growth rate of 8 to 9 percent.
He said that the economic growth figures that were released recently and checked by international organizations are considered incorrect, and relied on indicators and precise figures are descriptive and not speculative
[millionday] note -- they mean the imf uses actual figures not what is speculated to be --- although iraq has huge huge pottential in all trade
[millionday] For his part saw the beautiful name Economist Antoine growth came as an afterthought to increase oil production in Iraq, which reached more than 2 million and 900,000 barrels a day and exports more than two million and 200,000 barrels a day, as well as high oil prices worldwide, which reached nearly $ 110 a barrel.
Antoine demanded in a press statement the executive authorities by employing funds from oil activity for optimal investment and to the development of other sectors such as industry, agriculture, tourism and other sectors to contribute to increasing local production in the country, as reflected in the welfare of Iraqi citizens
[millionday] The Iraq was launched in May 2010, the five-year national development plan 2010-2014, during the ceremony organized by the Ministry of planning and development cooperation and attended "morning" under the slogan "towards a sustainable and diversified Iraqi economy",
and aim to reduce disparities and barriers between urban and rural areas, and the creation of infrastructure and social services and jobs, increasing GDP by 9, 38 percent annual growth rate during the plan period while working to diversify the economy which is dependent on oil imports
[millionday] very nice --- that is exactly the direction they are going --- this is very encouraging for the country and of course the value of their currency brb with more
[millionday] Members of the Liberal bloc commended the parliamentary campaign of Iraqi media network aimed at supporting the efforts of the security services in the face of the forces of terrorism and wandering, expressing their support for all the sounds with the military's efforts to defend the destiny of the country.
And the Iraqi media network, launched a campaign to mobilize the broadest possible support for the efforts of the security services in the face of the forces of evil and error, that persistence in the bloodshed, which was widely welcomed by many popular actors, which supported the campaign, and commended the efforts of the media network.
[millionday] The Liberal bloc MP, Javad alshahili, that all things which are in the interest of the street and the Iraqi citizen is welcome, particularly in support of the military, arguing that the campaigns of better things that they must have security in the face of terrorism.
Alshahili said there should be education on two levels, the first is the military, which should recognize the importance of dealing seriously with the citizen, and the people, which is to realize that there is no legal representative and the only defensive security devices, all branches, which in the final analysis is part of the people of this nation and the people.
[millionday] i have to say we could sit here all night and look at the work they have done with their security forces and that is true -- iraq has grown leaps and bounds with all of the steps in their military and also the security measures
[millionday] i know it seems we see alot of hurt and death but we are also looking at the nation -- they have seriously moved forward [millionday] brb with more
[millionday] Baghdad, Association announced private banks in Iraq, on Tuesday, they will organize an international conference later this month to discuss a variety of topics related to the banking sector in general and the amendment of the law of private banks, and with an eye to the presence of negative impact on the work of these banks, confirmed the presence of a tendency to change these laws to return to " the right track "in the work of private banks.
[millionday] the 28th
[millionday] The head of the Association Abdul Aziz Hassoun said in an interview to (range Press), "The private banking sector has long been subjected to a series of attacks that wanted to overthrow him and remove him from the economic arena, because it was and still is an active and leading role in supporting the Iraqi economy and financial policies pursued by the central bank.
He said Hassoun that "the Association of Banks Out of the development and support of private banks agreed to organize an international conference on the 28th of this month in the capital Baghdad to discuss various topics that will support the Iraqi economy in general and private banks in particular," he said, adding that
[millionday] whoop whooop >>>>>>>>>>>>>>>>>>>>>
[millionday] "many calls directed to the various actors and personalities who in turn assured us the audience, led by Prime Minister Nuri al-Maliki and the central bank governor Abdul Sattar Turkish and a representative from the World Bank and representatives from the unions and banking companies Arab and foreign countries in addition to managers and owners of banks, government and private sectors in Iraq.
He said Hassoun "on top of topics to be discussed at the conference is to amend the law on private banks because there are observations of the banking sector, government and private sectors on the Banking Act No. 94 of 2004 which numerous observations Among the paragraphs of the law is Article 28, which bring under which private banks from dealing in any investment project and at different areas.
[keepbelieving77] Wow that is a mouthful
[millionday] there are so many coming it sure is -- so this is what they are working on with the article
[millionday] Hassoun pointed out that "there is a negative impact on the banking business as a result of the existence of these laws, but we will try to change the track and return to the correct path pursued by all private banks in the world that is essentially true tributary to develop the country's economy.
It is noteworthy that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by the property (7) government and banks (30) waged banks including (7) Islamic banks in addition to (6) of foreign banks
[millionday] so they should be announcing some change in article 28 that will allow for the banking changes they going to be announcing at the end of this month love it brb with more
[keepbelieving77] What incredible insight this gives us to the internal dynamics we are not privy to
[keepbelieving77] The private banking sector has long been subjected to a series of attacks that wanted to overthrow him and remove him from the economic arena, because it was and still is an active and leading role in supporting the Iraqi economy and financial policies pursued by the central bank.
[millionday] i can not wait to see what comes from this private banking conference
[millionday] the building of the data system is the key to so much of the problems in the private banking arena
[john77] millionday what are the dates for the private banking conference?
[millionday] 28th and the 29th we shall see what comes from it
[jimplants] Is this part of the banking conference we have been talking about?
[millionday] and only look at the facts but oh how we want the facts to be -- smile
[millionday] yes this is the private bank conference we have been talking about with the world there
[millionday] The White House says Vice President Joe Biden has told Iraqi Vice President Khudeir al-Khuzaie that the U.S. is committed to a shared fight against terrorism in Iraq. The two vice presidents met Wednesday in New York.
That’s where the U.N. General Assembly took place this week. The meeting comes amid a wave of bloodshed that has killed scores of Iraqis in recent days. The White House says Biden offered condolences for those killed in terror attacks.
[millionday] Al-Qaida is believed to be trying to build on Sunni discontent toward what they consider to be second-class treatment by the Shiite-led government. The White House says the leaders also discussed Iraq’s efforts to settle on a new election law and to improve relations with Turkey and Arab neighbors.
[Dovi] the big boys of the 1st world will be there, this isn't a third world emerging nations meeting
[millionday] there will be a huge group of the big boys there -- good point
[millionday] let me make sure i didnt miss anything and we will just wrap it up brb smile here we go
[millionday] Parliamentary Economic Committee called on Wednesday, the government to the need to bring the law to adjust prices in the market, so that the House of Representatives vote on it, made it clear that the absence of such a law makes it difficult to control the manipulation of markets.
Said committee member Ibrahim al-Rikabi told "File News", the Iraqi market in dire need of the application of laws important economic, "he said, adding that" most of those laws is the customs tariff and the protection of the domestic product and consumer protection, and the Law of the Ministry of Commerce, which held accountable for traders to manipulate commodity prices " .
[millionday] He added that "the government is trying to control the manipulation of markets, by all legal means available, but not to adopt such laws makes the task difficult," stressing the need to "approve those laws away from political differences and partisan quotas to be effective."
Referred to the Committee on the economy and investment parliamentary confirmed its intention to push for the application of customs law next year after he proposed to collect the fees collected from this tariff in a special fund that supports local production.
The House of Representatives has ended in the 26th session, which was held in September of last year, the first reading to amend tariff law Alkmarkihn the government but it does not work pretext that government institutions do not possess the necessary capabilities to ensure that its application as it should.
[millionday] so this is the law for the changing of the prices and also know that as here -- many parts of the country have different costs of living as we experience here and is experienced in all countries so this task of course is huge --
[SolarKing] trying to prevent price gouging post RV.
[millionday] for example -- think of the costs in new york in comparison of say tennessee -- the cost of living in many prices is very different --- also they have tax differences -- as we do
[millionday] so know that the prices that are set now are different in areas within the country so the changes are also going to reflect different prices as they change them - this is supposed to be dealt with tomorrow and we shall see - if i find any reports on the changes or at least the announcement of it -- i will come in –
[cookie2] millionday Haven't they already begun this???
[millionday] a free market economy means -- run by supply and demand -- that has nothing to do with the beginning in their reforms -- but will drive the economy in the coming changes after the fact
[cornbread] so u saying the rate right
[millionday] cookie2 yes they have had mulitple meetings on this and have now announced they are going to apply laws to the issue - the pricing changes are part of the country`s redenomination -- the rate change is a result - they will have to revalue the rate when they go to international and global trade ---
[millionday] their goal is to revalue their currency
[ateam] Is the dinar attached to the gold standard or is it just a Fiat currency?
[millionday] as of right now they have not completed it but we have seen many reports that it is backed by gold -- we will know all of this detail without a doubt but i dont have the reports up right now to bring you
[millionday] so i hope that the news was good for you -- me? very encouraging --- the conference is on the 28th it says so we should see alot of reports of arivals media etc etc
[ateam] And, what is the dinar pegged to? The dollar?
[millionday] ateam good point but let me say that the US of A still has a law on the books of how much gold you have to claim etc -- so the goal would be your deciding factor
[ateam] IF the dinar is pegged to the Dollar.......hmmmm
[millionday] ateam if you have gold -- i will look it up and find it for this weekend -- i thought it had been changed too and it was shown to me a year or so ago -- have to find it again
[millionday] being paired to a currency and being backed is two different things