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Economic Situation - bringing military damage But trouble...

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Economic Situation The Iran–Iraq War depleted Iraq's foreign exports, oil, and destroyed the economy by presenting it with a foreign debt of an immense 100 billion (in U.S dollars). Prior to the war with Iran, Iraq had a dazzling economy, very dependent on oil, with oil production of 560,000 m³ (3.5 million barrels) per day. Oil revenues were 21 billion in 1979 and 27 billion in 1980, and at the time of the war, Iraq estimated about 35 billion in foreign exchange reserves. After the war and all hostility ended, the oil exports quickly increased and the economy began to rise to the way it was before. However, Iraq’s seizure of Kuwait drastically reduced economic activity, stopping international trade and
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Unformatted text preview: bringing military damage. But trouble soon ceased after Saddam Hussein was overthrown, resulting in an economic growth of 53%, becoming the country of the world's fastest growing economy. They also received great aid from the UN’s Oil for Food program in 1996, which improved economic conditions by allowing them to export limited amounts of oil in exchange for food, medicine, and other humanitarian goods. Rise in the GDP from a mere 12.3 billion in 2000 to $55.4 billion by 2007 also showed the effect of removing Hussein, along with the real GDP growth of almost 17 percent....
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