Iraq's Economy
The Multinational OrganizationCAP/GM591February 10, 2014
Abstract
The products UBS (Union Bank of Switzerland) offers are great tools for many consumers around the world. Hedge funds, business and private banking are products among many other products designed to help the consumer’s financial needs. Iraq is a country with many financial problems triggered by years of oppression and corruption. The United States government and different bank institutions around the world are forming a coalition to help improve the economy of Iraq by bringing access to the outside financial world with products that will be accessible by the regular consumer. More financial options with more financial institutions for the citizens of Iraq will help them with …show more content…
Since 2003, the Iraqi economy has slowly recovered, but no significant progress has been made since the country still faces political and security challenges. Since the invasion of Iraq in 2003, the government of Iraq has worked on improving the economy and has attempted to improve their financial stability, however, corruption has been one of the main factors in the slow recovery of a struggling economy. According to "2014 Index Of Economic Freedom" (2014), “With its economic growth highly volatile, Iraq’s ongoing economic reconstruction, though facilitated by the oil sector and foreign economic aid, has been fragile.” (para. 2). With a stronger monetary and fiscal policy, the Iraq economy would be able to increase their status in the market and more private investors could become interested on the Iraqi …show more content…
According to "Index Mundi" (n.d.), “The government of Iraq is eager to attract additional foreign direct investment, but it faces a number of obstacles including a tenuous political system and concerns about security and societal stability.” (para. 1). But that is not enough for UBS to expand in Iraq. Eighty-four percent alone of Iraqi exports is crude oil and with the uniqueness of their product and the worldwide necessity for crude oil, Iraq has the potential to have a great economy much like Kuwait and Saudi Arabia. One of the drawbacks of expanding to Iraq is the lack of fiscal responsibility, as well as the corruption within the government and organizations that do not help the Iraqi economy.
Competitors from other countries, including JP Morgan Chase are moving in as a task force to help the boost the Iraqi economy and minimize corruption. This is not a big factor for UBS since they are already working with worldwide competition ad they are one of the biggest banks in the world.
There is a big difference between the European culture and the Muslim culture. This aspect of the expansion plays a very small role since UBS is already doing business and very successfully in Muslim countries around the world.
Abstract
The products UBS (Union Bank of Switzerland) offers are great tools for many consumers around the world. Hedge funds, business and private banking are products among many other products designed to help the consumer’s financial needs. Iraq is a country with many financial problems triggered by years of oppression and corruption. The United States government and different bank institutions around the world are forming a coalition to help improve the economy of Iraq by bringing access to the outside financial world with products that will be accessible by the regular consumer. More financial options with more financial institutions for the citizens of Iraq will help them with …show more content…
Since 2003, the Iraqi economy has slowly recovered, but no significant progress has been made since the country still faces political and security challenges. Since the invasion of Iraq in 2003, the government of Iraq has worked on improving the economy and has attempted to improve their financial stability, however, corruption has been one of the main factors in the slow recovery of a struggling economy. According to "2014 Index Of Economic Freedom" (2014), “With its economic growth highly volatile, Iraq’s ongoing economic reconstruction, though facilitated by the oil sector and foreign economic aid, has been fragile.” (para. 2). With a stronger monetary and fiscal policy, the Iraq economy would be able to increase their status in the market and more private investors could become interested on the Iraqi …show more content…
According to "Index Mundi" (n.d.), “The government of Iraq is eager to attract additional foreign direct investment, but it faces a number of obstacles including a tenuous political system and concerns about security and societal stability.” (para. 1). But that is not enough for UBS to expand in Iraq. Eighty-four percent alone of Iraqi exports is crude oil and with the uniqueness of their product and the worldwide necessity for crude oil, Iraq has the potential to have a great economy much like Kuwait and Saudi Arabia. One of the drawbacks of expanding to Iraq is the lack of fiscal responsibility, as well as the corruption within the government and organizations that do not help the Iraqi economy.
Competitors from other countries, including JP Morgan Chase are moving in as a task force to help the boost the Iraqi economy and minimize corruption. This is not a big factor for UBS since they are already working with worldwide competition ad they are one of the biggest banks in the world.
There is a big difference between the European culture and the Muslim culture. This aspect of the expansion plays a very small role since UBS is already doing business and very successfully in Muslim countries around the world.