Iraqis’ per capita income to shoot to $9000 in 2014

Azzaman – [7/31/2011]

Per capita income in Iraq will surge to $9000 from the current $4000 in 2014, the Central Bank says.

The new per capita income forecast means that Iraqis’ living standards are expected to more than double in less than four years.

The promising economic prediction for the war-torn country is a rare good piece of news.

“The per capita income will more than double by the end of the investment plan in 2014” said Mudher Saleh, a Central Bank consultant.

Saleh put the country’s growth rate at a little more than 9 per cent and said his figure was based “on the aggregate growth forecast for 2014-2014.”

If Iraq achieves the growth rate predicted for the investment plan, the country will see an explosion in income, he said.

There will be enough income to finance infrastructure projects in various fields, he said.

Saleh said the country’s bloated civil service sector was currently among the most prosperous in the country.

He said while average per capita income was $4000, civil servants earned an average of $6000 a year.

Oil revenues, he said, would still make the lion’s share of the country’s income.

“The importance of oil royalties in financing investment projects is of vital importance,” he said. “Maximizing oil earnings is the philosophy the oil sector is pursuing to provide steady access to resources to finance the national development plant.”