Drop in oil price has gutted nation's income
(NEWSER) - Some people thought Iraq wouldn't be affected by the worldwide economic downturn, says an Iraqi economist. "Those people were stupid." At the very least, they were wrong: Sales of consumer goods are in the basement, along with real estate, and the unemployment rate hovers around 25%. Surpluses from last year's soaring oil prices have cushioned the blow, but by next year the government will "basically run out of money," says a US official. More»
