Iraq’s Economy Finally Slumps

Welcome, Iraq, to the global recession: For the first time, the Iraqi economy is beginning to slow. Originally safe from the global economic downturn because of high oil revenues and its unsophisticated banking system, Iraq enjoyed (if little else) relative economic prosperity. But with a dip in international oil prices and a string of high-profile bombings in April, over 25 percent of men ages 18 to 29 are unemployed. Now, the government needs to create jobs for young men entering the job market to keep them from entering the insurgency for economic support. “Security and economic prosperity are interconnected,” said Iraqi Prime Minister Nouri Maliki last month. “We cannot talk about stable security with economic progress.”