Iraq making progress.
The dispatch quoted an IMF official who said that he was "quite optimistic" about the medium term. At the same time, the official cautioned that much would depend on the future course of oil prices. Under normal circumstances, Iraq is a major exporter of oil and higher world oil prices would benefit the country's growth.
Security concerns combined with political uncertainty about the role of oil revenues in the country's general economy combine to underscore the lack of confidence implied in the IMF official's comments.
The official did say that Iraq deserves credit for being able to maintain even a semblance of macroeconomic stability under present circumstances.
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|Title Annotation:||future of Iraq's economy|
|Publication:||Market Africa Mid-East|
|Article Type:||Brief Article|
|Date:||Sep 1, 2005|
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