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- Basic Facts about Iraq's demographics, culture, government, and of course economy
- Overview of economy prior to the 2003 war
- Overview of the effects of the 2003 war on the economy
- Series of graphs depicting effects of the 2003 war on the economy
- Links to informational links used in the making of this site
A Brief Overview Of Iraq
The defeat and overthrow of Iraqi dictator Saddam Hussein by the allied coalition is bound to have far-reaching implications for the Iraqi economy. The war and its chaotic aftermath initially undermined the economy, but the lifting of United Nations economic sanctions, the anticipated revival of Iraqi oil exports, and impending economic reforms should give Iraq a brighter economic future. Under Saddam Hussein’s leadership, Iraq’s economy was devastated by the 1980–1988 war against Iran, the 1991 Gulf War, and the resulting U.N. economic sanctions. Saddam’s Ba’athist socialist policies imposed extensive central planning on the industrial economy and foreign trade while leaving most agriculture, some small-scale industry, and some services to private entrepreneurs. The economy is dominated by the oil sector, which provides more than 90 percent of hard currency earnings. Although reliable economic data remain scarce, the Economist Intelligence Unit forecast in March 2003 that real GDP would contract by approximately 7.5 percent in 2003 as a result of the war but would rebound to grow by around 15 percent in 2004. Iraq has refused to provide basic economic data to the United Nations, a requirement of membership for any other international organization. *© 2004 The Heritage Foundation