Macroeconomic Forecast Iraq

BMI View: Due to recent successes in boosting output at various oil fields in Iraq, our balance of payments outlook for Iraq is slightly more sanguine, and we project the current account surplus to come in at 2.9% of GDP in 2011, compared to 1.1% of GDP in 2009 and an estimated 4.2% of GDP in 2010. Given the rapid expansion of oil production and growing foreign direct investment (FDI) into the country, we believe Iraq's balance of payments dynamics will be on stable ground over the medium term.

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