Inflation Surges in Iraq

The deputy head of the Iraqi businessmen's union, Basim Atwan, described inflation in Iraq as horrible and said it has reached 107 per cent. He said the rising price of oil and unstable security situation primarily contributed to inflation. In a seminar held under the patronage of the private international projects centre, he maintained that many factors led to the rise of the inflation such as Iraq's investment in unproductive sectors. He maintained that the private sector could play a strong role in minimizing inflation through loans and stopping the random import of goods. He said the industrial sector, which includes 500,000 workers, should be improved. Only 10 per cent of industrial workers are employed.