Key products: Oil is essentially Iraq’s sole export, and since December 1999 the United Nations has allowed that country to export as much as it needed to provide humanitarian supplies, primarily food and medicine.
Currency: 3,249.7 dinar = $1 U.S.
Economic concerns have played second fiddle to military ones in Iraq for much of the past two decades, and even if the U.S. invasion runs smoothly, Iraq’s economy will likely require at least months of intensive management if social stability is to be ensured. Since President Saddam Hussein came to power in 1979, the nation has been involved in several wars, starting with an eight-year conflict with Iran that ended in 1988. Iraq’s invasion of neighboring Kuwait in 1990 prompted an attack by U.N. coalition forces, led by the U.S., that destroyed much of the country’s infrastructure. For much of the past decade, the U.N. severely limited Iraq’s oil exports, which traditionally provided about 95 percent of its export earnings. Though the secretive Iraqi regime provides little reliable public information about goings-on inside the country, the Iraqi economy is believed to have been in a sharp contraction as a result of lost oil revenues. In December 1999, the U.N. ruled that Iraq could export as much oil as required to purchase humanitarian supplies, like food and medicine. President Bush, whose father backed the U.S. attack on the country a decade ago during his term in the Oval Office, in his 2002 State of the Union address identified Iraq as part of an "axis of evil" and for much of the last year has been berating Hussein for not complying with U.N. orders to disarm. The Middle East has a vibrant textile history, and Iraq is home to a number of government-owned and privately owned textile and apparel companies, which primarily serve Iraq’s domestic market. It is not a significant supplier to the U.S. market.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews