31/05/2005 4:08:14 pm
Positive Signs From Iraq. Yesterday, I attended a well-guarded meeting with Kais Al-Khafaji, chairman of the Federation of Iraqi Industries - an organisation that is said to represent some 28 000 companies. He mentioned, among other things, some economic facts which may be too boring to see their way into the media, where explosions are just about what we see from Iraq. Nevertheless, there are good news. The GDP of Iraq increased 2003-2004 by some 60 %. Inflation, which was 40-50 % annually, is now 2-3 % - following reforms such as a new currency and a new, independent, Central Bank. The latest state budget from the government was the first one to be balanced in two decades.