Stability or Oil ?
As the world economy learns to adapt to modern terrorism exemplified by ISIS, stability in the Middle Eastern region becomes a decisive factor that decides whether a nation can become economically prosperous or not. One would go further and say stability is more important than the existence of natural resources like oil.
Two good examples will help illustrate this point. The UAE possesses little natural resources in comparison to its neighbors yet it has managed to attract substantial foreign investment making it a leading economic force in the region. The opposite is true, Iraq, excluding the Kurdistan region of course, has enormous natural resources of oil and gas, yet it hasn't been able to prosper economically because of the ongoing violence and strife.
The model of stability with good natural resources is the Kurdistan Region. Internal stability is there but due to the ISIS threats to instability, the economy has slowed down. However, it's not as serious a threat to growth as the internal instability. The threat is external, that's why the Kurdistan economy is starting to recover.
The main stumbling block for the Kurdistan economy is not ISIS but Baghdad. The Kurdistan Regional Government won a minor battle with the ousting of the Prime Minister Maliki, now three main points need to be resolved: first is the payment of the Kurdistan budget to pay off people's wages. Second is the freedom to sell Kurdish oil via Cihan Turkish port, and the third is the resolution of disputed areas like Kirkuk.
The Kurdistan economy is growing. What the future holds is not quite clear, but if the ISIS threat is contained and the disputes with the central Iraqi government are solved, then the future for the Kurdistan economy will be a very promising one because it has the essential ingredients of stability and the natural resources like oil.