Recent macroeconomic developments in Iraq have been broadly positive, the IMF said on 21 May at the conclusion of its Article IV consultation. GDP growth hit 8.4% for 2012 and is projected to rise to 9% for 2013 as oil production ramps up to 3.3mn b/d.
The Central Bank of Iraq’s (CBI’s) foreign exchange reserves have risen from $61bn at end-2011 to $70bn at end-2102, while fiscal reserves held at the Development Fund of Iraq (DFI) have increased from $16.5bn to $18bn. Per capita GDP rose to $6,300 in 2012 from $1,300 in 2004. This favorable IMF assessment comes at a time when violence in Iraq has surged to new highs and Sunni opposition to the Shi’a dominated government has become more pronounced. (CONTINUED - 556 WORDS)