Iraq/Kurdistan: War with Islamic State, Low Oil Prices Cripple Once-Vibrant Economy in Iraq's Kurdish Region

Dec 10, 2015 | Balint Szlanko, Associated Press
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Less than two years ago, Iraq's northern Kurdish region was booming, as oil revenues poured in and foreign investors flocked to a rare island of stability in a turbulent region, but that all began to change when the black flags of the Islamic State group darkened the horizon. Kurdish forces backed by U.S.-led airstrikes repelled an IS assault in the summer of 2014 and have been among the most effective forces battling the extremists. But low oil prices and a longstanding dispute with the central government over revenues, along with an influx of refugees, have crippled the local economy.