Iraq Economy Before and After War 2003

Economics in Iraq

Before and After the War

Abstract

Republic of Iraq

Iraq is a country in Western Asia that borders Turkey to the north, Iran to the east, Kuwait to the southeast, Saudi Arabia to the south, Jordan to the southwest, and Syria to the west, and has border with Arabic Gulf to the south, The capital, Baghdad is in the canter of the country.

The region between the Tigris and Euphrates rivers is often referred to as Mesopotamia and thought to be the birthplace of writing and the world's oldest civilizations. The area has been home to continuous successive civilizations since the 6th millennium BC. In it the oldest law Hammurabi law.

Iraq got it’s Independence from United Kingdom at 1932, and became Republic at 1958.

The geographical location of Iraq is in the Middle East, bordering the Persian Gulf, between Iran and Kuwait. Iraq shares its borders with the following countries:-

(a) Iran - 1458 Km.

(b) Jordan - 181 Km.

(c) Kuwait - 240 Km.

(d) Saudi Arabia - 814 Km.

(e) Syria - 605 Km.

(f) Turkey - 352 Km.

Economy Before 2003

Oil

Iraq's economy is dominated by the oil sector. Which has provided about 60% of foreign exchange earnings in modern times, the territory of Iraq contains exceed 300 billion barrels of proven reserves—oil, enough for more 100 years of production, The oilfields are located in the South-East, around the Persian Gulf, near Basra in the South Eastern part of the country, near Mosul and Kirkuk; and in the East-Central part of Iraq, near the town of Khanaqin.

Iraq is estimated reserves of natural gas to 110 trillion cubic feet (table-1-). During Iraqi - Iranian war Iraq used Oil to cover massive expenditures in the eight-year war, It is a founding member of OPEC began its industry since 1925, was nationalized in 1972, and was oil production even before the American invasion of Iraq for at least two million barrels per day, and energy refining capacity exceeded 500 thousand barrels per day by the largest number...