Iraq's Economic Development Strategies: The Challenges and Requirements

Husam Yaseen Mohsin; Kezhong Zhang

doi:doi:10.11648/j.ijefm.20150302.18

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Iraq's Economic Development Strategies: The Challenges and Requirements

Husam Yaseen Mohsin, Kezhong Zhang

Published in International Journal of Economics, Finance and Management Sciences (Volume 3, Issue 2)

Received: 31 January 2015 Accepted: 10 March 2015 Published: 19 March 2015

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Abstract

Sustainable development, with its economic, social, environmental aspects, is required for the advancement of human life in developing countries. This can be achieved after examining the challenges (economic and non-economic and internal and external) and the requirements for development, while acknowledging that the process of identifying the philosophy of the economic system and orientations and defining the role of the state in economic management and policies is extremely important and necessary in Iraq. The research found that the policy of economic reform implemented by the Iraqi government could not achieve high economic growth rates and stable guarantees for development but created economic improvement in some economic indicators in limited periods. The existence of a pre-2003 economic philosophy a clear guarantee of the achievement of economic development after 2003 resulted in policies and programmes of economic reform being instituted. These achieved some positive results by reducing inflation and stabilising the exchange rate of the Iraqi dinar and the high value and high volume of foreign exchange reserves, amounting to a 60 billion dollar reduction (80%) and scheduling of external debt. The country’s GDP has witnessed improvements by increasing oil exports. However, the contribution of other economic sectors except oil continued to contribute to the formation of low-GDP ratios. This paper attempts to characterise the economic reforms which have been adopted by the Iraqi governments in recent years and to explain the strategy of the economic reform programmes for achieving economic development in Iraqi economic sectors. These suffer from underdevelopment and not keeping pace economically with the countries of the advanced capitalist world.

Published in	International Journal of Economics, Finance and Management Sciences (Volume 3, Issue 2)
DOI	10.11648/j.ijefm.20150302.18
Page(s)	138-147
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2015. Published by Science Publishing Group

Keywords

Development Strategies, Challenges, Requirements, Industrial Development, Agricultural Development, Tertiary Development

References

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[3]	Al Sadiq, A. T. (2006). "Monetary policy in the Arab countries", The Arab Monetary Fund, investingschool.blogspot.com.
[4]	Albustani, B. (2009). "The dialectic of sustainable human development approach", Centre for Arab Unity Studies, Beirut, first edition. http://www.caus.org.lb/Home/publication_popup.php?ID=4129 .
[5]	Antony H. (2004). "Cordesman, An attack on Iraq: the military, political &economic consequences", Center for Strategic & International, www.mafhoum.com/press4/125P2.pdf .
[6]	Ibrahem, H. "Sustainable development in Iraq's problems and solutions". Journal of Baghdad College of Economic Sciences, volume 20141015 Issue (2072778X)- Scientific Conference on the fifth, 5. http://iasj.net/iasj?func=issues&jId=231&uiLanguage=en.
[7]	Iraqi constitution, facts newspaper. (2011). www.moj.gov.iq/facts .
[8]	Iraqi Ministry of Finance (2012). Budget Department. http://www.mof.gov.iq/pages/ar/BalanceArchive.aspx.
[9]	Iraqi Ministry of Planning of Iraq () - Central Statistical organization / Department of National Accounts, years 2003-2012, www.mop.gov.iq .
[10]	Iraqi Ministry of Planning. (2011) the Central Statistical organization, Indicators of economic and social reality in Iraq 2007-2010. www.cosit.gov.iq .
[11]	Iraqi Ministry of Planning. (2013). The Central Statistical Organization, Annual Statistical Abstract, www.cosit.gov.iq.
[12]	Iraqi Ministry of Trade. (2012). The General Company for Grain Trade 2003-2011. www.mot.gov.iq .
[13]	Khlaf, B. J. (2014). "The importance of agricultural investment in achieving food security in Iraq", Baghdad College of Economic Sciences, volume 20141015 Issue (2072778X) - Scientific Conference on the fifth, 5.
[14]	Lawly D., Rajesh R. (2014). "Impact of changes in Service Sector in India in shaping the future of Business & Society", Procedia Economics and Finance, 797, 795 – 803. http://www.sciencedirect.com/science/article/pii/S2212567114002433.
[15]	Marzooq, A. l. (2007). "Problems of economic transition in Iraq guiding principles of political economy", Iraq Centre for Studies, Volume 4 Issue (16). 27.
[16]	Najm, Mohammed, "Agricultural development strategy in Iraq". Al Sbaah newspaper, issue 1785. www.alsabaah.iq .
[17]	Saleh, M. M. (2009). Fiscal policy in Iraq between difficult entrance and exit optimal. Al Sbaah newspaper, issue 1721. www.alsabaah.iq.
[18]	Salem, A. A. (2010). "In light of the policies of economic reform and structural adjustment towards a strategy for economic development in Iraq ", Journal of Anbar University Economic and Administrative Sciences, Volume 2 Issue (4), 216. http://iasj.net/iasj?func=issues&jId=147&uiLanguage=en.
[19]	Salem, A. A. (2012). "Towards an effective strategy for economic development in Iraq", Journal of Anbar University Economic and Administrative Sciences, Volume 4 Issue (9). 65. http://iasj.net/iasj?func=issues&jId=147&uiLanguage=en.
[20]	Shaalan, H. Y. (2005) "reform of the Iraqi economy: The balance of past and future expectations", Journal of the Faculty of Business and Economics, The issue of the Seventh Special Conference. http://www.coadec.uobaghdad.edu.iq/PageViewer.aspx?id=29.

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APA Style

Husam Yaseen Mohsin, Kezhong Zhang. (2015). Iraq's Economic Development Strategies: The Challenges and Requirements. International Journal of Economics, Finance and Management Sciences, 3(2), 138-147. https://doi.org/10.11648/j.ijefm.20150302.18

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ACS Style

Husam Yaseen Mohsin; Kezhong Zhang. Iraq's Economic Development Strategies: The Challenges and Requirements. Int. J. Econ. Finance Manag. Sci. 2015, 3(2), 138-147. doi: 10.11648/j.ijefm.20150302.18

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AMA Style

Husam Yaseen Mohsin, Kezhong Zhang. Iraq's Economic Development Strategies: The Challenges and Requirements. Int J Econ Finance Manag Sci. 2015;3(2):138-147. doi: 10.11648/j.ijefm.20150302.18

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@article{10.11648/j.ijefm.20150302.18,
  author = {Husam Yaseen Mohsin and Kezhong Zhang},
  title = {Iraq's Economic Development Strategies: The Challenges and Requirements},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {3},
  number = {2},
  pages = {138-147},
  doi = {10.11648/j.ijefm.20150302.18},
  url = {https://doi.org/10.11648/j.ijefm.20150302.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20150302.18},
  abstract = {Sustainable development, with its economic, social, environmental aspects, is required for the advancement of human life in developing countries. This can be achieved after examining the challenges (economic and non-economic and internal and external) and the requirements for development, while acknowledging that the process of identifying the philosophy of the economic system and orientations and defining the role of the state in economic management and policies is extremely important and necessary in Iraq. The research found that the policy of economic reform implemented by the Iraqi government could not achieve high economic growth rates and stable guarantees for development but created economic improvement in some economic indicators in limited periods. The existence of a pre-2003 economic philosophy a clear guarantee of the achievement of economic development after 2003 resulted in policies and programmes of economic reform being instituted. These achieved some positive results by reducing inflation and stabilising the exchange rate of the Iraqi dinar and the high value and high volume of foreign exchange reserves, amounting to a 60 billion dollar reduction (80%) and scheduling of external debt. The country’s GDP has witnessed improvements by increasing oil exports. However, the contribution of other economic sectors except oil continued to contribute to the formation of low-GDP ratios. This paper attempts to characterise the economic reforms which have been adopted by the Iraqi governments in recent years and to explain the strategy of the economic reform programmes for achieving economic development in Iraqi economic sectors. These suffer from underdevelopment and not keeping pace economically with the countries of the advanced capitalist world.},
 year = {2015}
}

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TY  - JOUR
T1  - Iraq's Economic Development Strategies: The Challenges and Requirements
AU  - Husam Yaseen Mohsin
AU  - Kezhong Zhang
Y1  - 2015/03/19
PY  - 2015
N1  - https://doi.org/10.11648/j.ijefm.20150302.18
DO  - 10.11648/j.ijefm.20150302.18
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 138
EP  - 147
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20150302.18
AB  - Sustainable development, with its economic, social, environmental aspects, is required for the advancement of human life in developing countries. This can be achieved after examining the challenges (economic and non-economic and internal and external) and the requirements for development, while acknowledging that the process of identifying the philosophy of the economic system and orientations and defining the role of the state in economic management and policies is extremely important and necessary in Iraq. The research found that the policy of economic reform implemented by the Iraqi government could not achieve high economic growth rates and stable guarantees for development but created economic improvement in some economic indicators in limited periods. The existence of a pre-2003 economic philosophy a clear guarantee of the achievement of economic development after 2003 resulted in policies and programmes of economic reform being instituted. These achieved some positive results by reducing inflation and stabilising the exchange rate of the Iraqi dinar and the high value and high volume of foreign exchange reserves, amounting to a 60 billion dollar reduction (80%) and scheduling of external debt. The country’s GDP has witnessed improvements by increasing oil exports. However, the contribution of other economic sectors except oil continued to contribute to the formation of low-GDP ratios. This paper attempts to characterise the economic reforms which have been adopted by the Iraqi governments in recent years and to explain the strategy of the economic reform programmes for achieving economic development in Iraqi economic sectors. These suffer from underdevelopment and not keeping pace economically with the countries of the advanced capitalist world.
VL  - 3
IS  - 2
ER  -

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Author Information

Husam Yaseen Mohsin

School of management, Huazhong University of Science & Technology, Wuhan, China
Kezhong Zhang

School of management, Huazhong University of Science & Technology, Wuhan, China

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APA Style

Husam Yaseen Mohsin, Kezhong Zhang. (2015). Iraq's Economic Development Strategies: The Challenges and Requirements. International Journal of Economics, Finance and Management Sciences, 3(2), 138-147. https://doi.org/10.11648/j.ijefm.20150302.18

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ACS Style

Husam Yaseen Mohsin; Kezhong Zhang. Iraq's Economic Development Strategies: The Challenges and Requirements. Int. J. Econ. Finance Manag. Sci. 2015, 3(2), 138-147. doi: 10.11648/j.ijefm.20150302.18

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AMA Style

Husam Yaseen Mohsin, Kezhong Zhang. Iraq's Economic Development Strategies: The Challenges and Requirements. Int J Econ Finance Manag Sci. 2015;3(2):138-147. doi: 10.11648/j.ijefm.20150302.18

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@article{10.11648/j.ijefm.20150302.18,
  author = {Husam Yaseen Mohsin and Kezhong Zhang},
  title = {Iraq's Economic Development Strategies: The Challenges and Requirements},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {3},
  number = {2},
  pages = {138-147},
  doi = {10.11648/j.ijefm.20150302.18},
  url = {https://doi.org/10.11648/j.ijefm.20150302.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20150302.18},
  abstract = {Sustainable development, with its economic, social, environmental aspects, is required for the advancement of human life in developing countries. This can be achieved after examining the challenges (economic and non-economic and internal and external) and the requirements for development, while acknowledging that the process of identifying the philosophy of the economic system and orientations and defining the role of the state in economic management and policies is extremely important and necessary in Iraq. The research found that the policy of economic reform implemented by the Iraqi government could not achieve high economic growth rates and stable guarantees for development but created economic improvement in some economic indicators in limited periods. The existence of a pre-2003 economic philosophy a clear guarantee of the achievement of economic development after 2003 resulted in policies and programmes of economic reform being instituted. These achieved some positive results by reducing inflation and stabilising the exchange rate of the Iraqi dinar and the high value and high volume of foreign exchange reserves, amounting to a 60 billion dollar reduction (80%) and scheduling of external debt. The country’s GDP has witnessed improvements by increasing oil exports. However, the contribution of other economic sectors except oil continued to contribute to the formation of low-GDP ratios. This paper attempts to characterise the economic reforms which have been adopted by the Iraqi governments in recent years and to explain the strategy of the economic reform programmes for achieving economic development in Iraqi economic sectors. These suffer from underdevelopment and not keeping pace economically with the countries of the advanced capitalist world.},
 year = {2015}
}

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TY  - JOUR
T1  - Iraq's Economic Development Strategies: The Challenges and Requirements
AU  - Husam Yaseen Mohsin
AU  - Kezhong Zhang
Y1  - 2015/03/19
PY  - 2015
N1  - https://doi.org/10.11648/j.ijefm.20150302.18
DO  - 10.11648/j.ijefm.20150302.18
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 138
EP  - 147
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20150302.18
AB  - Sustainable development, with its economic, social, environmental aspects, is required for the advancement of human life in developing countries. This can be achieved after examining the challenges (economic and non-economic and internal and external) and the requirements for development, while acknowledging that the process of identifying the philosophy of the economic system and orientations and defining the role of the state in economic management and policies is extremely important and necessary in Iraq. The research found that the policy of economic reform implemented by the Iraqi government could not achieve high economic growth rates and stable guarantees for development but created economic improvement in some economic indicators in limited periods. The existence of a pre-2003 economic philosophy a clear guarantee of the achievement of economic development after 2003 resulted in policies and programmes of economic reform being instituted. These achieved some positive results by reducing inflation and stabilising the exchange rate of the Iraqi dinar and the high value and high volume of foreign exchange reserves, amounting to a 60 billion dollar reduction (80%) and scheduling of external debt. The country’s GDP has witnessed improvements by increasing oil exports. However, the contribution of other economic sectors except oil continued to contribute to the formation of low-GDP ratios. This paper attempts to characterise the economic reforms which have been adopted by the Iraqi governments in recent years and to explain the strategy of the economic reform programmes for achieving economic development in Iraqi economic sectors. These suffer from underdevelopment and not keeping pace economically with the countries of the advanced capitalist world.
VL  - 3
IS  - 2
ER  -

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