Posted on 02/22/2004 3:33:16 AM PST by Always Right
"These are the best times I have ever had since I began my business as second-hand car dealer three years ago," said Adnan Abdul Majeed of Karada, west of Baghdad.
"Last month, I sold 65 cars and I see the demand for new cars is on the rise almost daily since the ousting of the old (Saddam Hussein's) regime," Majeed added.
According to official statistics, more than 250,000 new cars have entered Iraq in the past 10 months since the US-led coalition forces swept Saddam from power last April.
Naji Mehdi who deals with electronics believes that the Iraqi economy is showing strong signs of activity after decades of state- controlled policies over trade and monetary matters.
"There is a very strong demand for electronic appliances such as computers, satellite dishes, washing machines, refrigerators," Mehdi said.
"You may find commodities from Japan, China, and Western and Arab countries," he added.
The construction of new houses and apartments, which is in full swing in the five-million Iraqi capital, has led the prices of building materials to skyrocket.
One ton of steel could be sold for 280,000 Iraqi dinars (about US$200) to some 400,000 dinars (about US$275).
Experts expect such activity to gain momentum soon after the money promised at the Madrid donors' meeting last October starts to flow into Iraq for reconstruction.
Another donors' conference is scheduled to be held in Dubai, UAE in the near future to arrange payments by these donors to Iraq.
Iraqi Minister of Planning Mahdi Al-Hafidh said his ministry had drawn plans for the projects expected to be funded by donation.
The money would help cut the unemployment rate from 50 percent at the present to some 40 percent within months, Al-Hafidh expected.
The Iraqi economy will show further activity soon after foreign investment flows in, the minister said.
Baghdad University professor of economics Hisham Al-Shama predicted that the Iraqi GDP (gross domestic product) to grow from its present level of US$25 billion to 250 billions within one decade.
Shama said the market-oriented economic policy adopted in post- war Iraq will have a most beneficial effect on the whole economy and as a result help raise the standard of living of the Iraqi people particularly after rehabilitating the country's war-damaged oil industry.
Iraq, dubbed "an island floating on oil", has an estimated 112 billion barrels of proven reserves, the second largest in the world behind Saudi Arabia.
All these signs indicate that Iraq is trying to pick up the pace of economic development after experiencing three wars and 13-year tough UN-sanctions.
boom signs ?
Doing just fine! You doing all right?
Yes, but there was quite a bit of intensive bombing prior to that.
It's a pretty banged-up looking place. Rubble is still all around.
"Last month, I sold 65 cars and I see the demand for new cars is on the rise almost daily since the ousting of the old (Saddam Hussein's) regime," Majeed added.
Thank you for the ping Cannoneer!
Private Mail to be added to or removed from the GNFI (or Pro-Coalition) ping list.
Their economy and public infrastructure was still reeling from the Gulf War and the Iran-Iraq War.
It's "capital", btw, if you are referring to a city, and "capitol" if you are referring to a building. The capital of Massachusetts is Boston, and the capitol of Massachusetts has a big gold dome.
As far as the economy being shattered because of the war, you know how long that country's been neglected, abused, children left to starve, etc...
Ack, our int'l mainstream "news professionals!"
I do hope you're not charging a fee for your services, Professor Pompous Ass; I'm a little light this week.
It's all Bush's fault. ;~)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.