Despite the efforts of the Coalition Provisional Authority to modernize Iraq's economy after the 2003 U.S.-led invasion through privatization and reducing its foreign debt, its economy continued to decline due to continued violence, economic mismanagement, and oil shortages caused by outdated technology. Since mid-2009, oil export earnings have returned to levels seen before and government revenues have rebounded, along with global oil prices. In 2011 Baghdad probably will increase oil exports above the current level of per day as a result of new contracts with international oil companies, but is likely to fall short of the per day it is forecasting in its budget. Iraq's recent contracts with major oil companies have the potential to greatly expand oil revenues, but Iraq will need to upgrade its oil processing, pipeline, and export infrastructure to enable these deals to reach their potential.