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The Economic Challenge In Iraq’s Governance One of the main challenges facing Iraq after the fall of Saddam’s dictatorial regime in 9 April 2003, is how to rebuild the economy
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The Economic Challenge In Iraq's Governance One of the main challenges facing Iraq after the fall of Saddam's dictatorial regime in 9 April 2003, is how to rebuild the economy and stimulate growth and employment. In addition to the institutional prerequisites, and prior to undertaking such a huge task, the new economic policies should have seriously considered the main structural problem that characterized the economy over the last four decades: the high dependence on oil revenues for financing government expenditures on the one hand, and the limited role of the private sector in production, investment, public finance, and employment on the other. Since the removal of Saddam's regime, the Coalition Provisional Authority's (CPA's) Orders (Laws) have not tackled these problems in a constructive way. The prevailing economic misconception is that while the price mechanism of the market economy could efficiently mobilize and allocate the available resources, the government fiscal...
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