Iraq's Economic Growth without Oil

The Iraqi economy is growing, 52.3 percent in 2004, and 26 percent predicted for 2005. Minh-Duc at State of Flux has a great post about the growth going on in Iraq's economy.

Here's a couple of excerpts:

"The most interesting fact about the current Iraqi economy is that it is not petroleum based. Many war critics often criticized that oil production in Iraq is still below pre-war level; and they are correct. This means that Iraqi economic growth has little to do with oil."

"Therefore, it is a very good sign that Iraq economy grew without oil. The credit belongs to the entrepreneurial spirit of the Iraqi people. There are several thousands new businesses are being registered every year......"

You should go read his entire post, it's not long, but well worth your time to read it!