Saturday, June 5th 2010
The plans to improve Iraqi economy and trade are improvised": economist
Baghdad, The Iraqi economy suffers from the lack of long-term culture in its administration at the level of governmental and private sectors, according to the Iraqi expert Yassin Abdul Farbaji.
"Iraq is witnessing a strange economic stagnation because it relies entirely on the financial resources produced by the State, which threatens seriously the Iraqi economy," Farbaji said on Saturday.
The governmental plans to develop the economy and trade are often improvised plans, and the Iraqis think of quick economic profit and not of setting strong roots to develop a powerful growth strategy, he outlined.
He further says that "unfortunately this how all governments and investment institutions act, the State administration now thinks of short investment projects with high profit and this is not adopted in the advanced countries of the world".
The Iraqi economy relies on the export of oil, after the agricultural and industrial sectors faced great problems due to the absence of major governmental support since April 2003.
AKnews
