The Booming Economy You Don't Hear About

Nope, not here. As Larry Kudlow has been mentioning, a boom in Iraq.

Larry links to an Amir Taheri piece in The New York Post

Four years ago, this was a jumble of rusting quays, abandoned houses and gutted buildings. By the spring of 2003, its population had dwindled to a few dozen, along with hundreds of stray dogs. There was even talk of abandoning it altogether.

Today, however, Um Qasr is back in business as a port with commercial and military functions. Hundreds of families that had left after the first Gulf War in 1991 have returned - joining many more who have come from all over Iraq.

The boom in Um Qasr is part of a broader picture that also includes Basra (the sprawling metropolis of southern Iraq), the Shi'ite "holy" cities of Najaf and Karbala, Mandali on the Iranian border and much of Baghdad.

When the International Monetary Fund and the World Bank reported two years ago that the Iraqi economy was heading for a boom, skeptics dismissed it as misplaced optimism. Now, however, even some of those who opposed the toppling of Saddam Hussein admit that many Iraqis share that optimism.

Newsweek has just hailed the emergence of a booming market economy in Iraq as "the mother of all surprises," noting that "Iraqis are more optimistic about the future than most Americans are."

Of course they're more optimistic. The New York Times doesn't deliver that far.

Freedom on the March Posted by jk at December 26, 2006 5:57 PM