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Thursday, December 21 2006 - 09:14 PM
Iraq's Economy is Booming
Silvia Spring-Newsweek International
Dec. 25, 2006 – Jan. 1, 2007 issue
It may sound unreal, given the daily images of carnage and chaos. But for a certain plucky breed of bussinessmen, there’s good money to be made in Iraq. The U.S. Chamber of Commerce reports 34,000 registered companies in Iraq, up from 8000 three years ago. Sales of secondhand cars, televisions and mobile phones have all risen sharply. Estimates vary, but one from Global Insight puts GDP growth at 17 percent last year and projects 13 percent for 2006. Iraq is a crippled nation growing on the financial equivalent of steroids, with money pouring in from abroad. Salaries have gone up more than 100 percent since the fall of Saddam, and incometax cuts (from 45 percent to just 15 percent) have put more cash in Iraqi pockets. Roadside bombs account for fewer backups than the sheer number of secondhand cars that have crowded onto the nations roads-five times as many in Baghdad as before the war. Cheap Chinese goods overflow from shop shelves, and store owners report quick turnover. Real-estate prices have risen several hundred percent, suggesting that Iraqis are more optimistic about the future than most Americans are. In a business climate that is inhospitable, to say the least, companies are thriving. The withdrawal of a certain great power could drastically reduce the foreign money flow, and knock the crippled economy flat.
marino says...
FM, I first heard about this earlier tonight on the Ray/Amir show. Thought it was interesting. Obviously we don’t know how accurate all this is. Sounds hopeful.
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muzeek1470 says...
I hope this is true, I think the press can only dwell on the anti-war side of the issues. If you counted the per capita of the total nation of Iraq that is a really great step forward. I hope the new congress and senate realize this and don’t abandon these people. I know the press dwells on the minor negatives of the suicide bombers everyday, but if you consider other countries, I think more people are killed here in this country every day per capita than there. If this is true, our people are in a safer country there than here. I’m going to try and find a web site showing per capita deaths per country. It seems to be a fact, The LA Times doesn’t put in every murder that takes place in LA, but every death of combat actions, is shouted from the roof tops.
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Ray Cunneff says...
That’s why I read excerpts from the Newsweek article on the Evening Show last night because it really spun my head around.
The idea that anything like economic growth, let alone a boom in some areas, could be happening in Iraq tells me that we’re not getting the whole picture.
It may turn out that the greatest threat to the power of the fanatical mullahs is not democracy, but capitalism.
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annette tappa says...
My brother fought there (and going back) he told me that the news doesn’t cover the “WHOLE” story. The same goes for every thing else. I think people thive on misery, bloodshed, death, etc. They probably have nothing else going for them in their lives.
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marino says...
Interviews that I’ve seen from soldiers that have fought/been there suggest that our media does not portray an accurate picture of what goes on. Ofcourse things will look grim when all you ever see is video of people getting shot or roadside bombs doing their damage. I believe there are also positive things happening in Iraq aside from the economy. Maybe it will take more time for the media to start showing those things. Cheers to Newsweek.
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Fightin Madd says...
What a great Christmas gift for Iraq!!
Hadn’t heard about it. Thanks for posting this Marino. At least something is trying to work in that harsh environment!!! Hope they can keep it up.
Later….
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