Tag Archives | GDP

Petchem Development can Ensure GDP Growth: MP

A member of the Iranian parliament said the petrochemical industry can lead to the growth of GDP given its massive applications. Speaking to Shana, Mohammad Mahdi Mofatteh, spokesperson of the parliament’s energy committee, said fresh and timely investments are required for maximizing the effectiveness of the sector in the country’s economy. He said the petrochemical […]

What’s behind Iran’s massive Capital Flight?

By Bijan Khajehpour for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. A prominent Iranian member of parliament’s recent statement about a significant outflow of capital from the country has raised eyebrows. Commenting on the foreign exchange fluctuations in March, parliamentary economic commission head Mohammadreza Pourebrahimi said some $30 […]

MPs call on Central Bank boss to Resign as Rial Plummets

From Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. As the Iranian rial hit a record low, trading above 60,000 against the US dollar on April 9, criticism against President Hassan Rouhani and Central Bank Gov. Valiollah Seif has intensified. The rial has dropped in […]

Iran Unifies Exchange Rates to Halt Currency Slide

The Governor of the Central Bank of Iran (CBI) Valiollah Seif said the country has unified its official and open market exchange rates as the Iranian rial plunged to an all-time low against the US dollar. Speaking at an open session of the parliament on Tuesday morning, Seif explained about the currency slide in recent […]

What’s really driving Currency Depreciation in Iran?

By Esfandyar Batmanghelidj, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The Iranian rial has lost about a third of its value over the last year, burnishing claims that the economy is stumbling. But while the devaluation is concerning, it does not point directly to […]

Why Growth has not led to Job Creation in Iran

By Navid Kalhor for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Why economic growth has not led to job creation in Iran Last fall, the World Bank forecast that Iran’s economy will grow by merely 4% and 3.4% in 2018 and 2019, respectively. These rates […]

Central Bank Chief Hails Economic Growth in Iran

The Governor of the Central Bank of Iran (CBI) Valiollah Seif highlighted the administration’s success to push down inflation and stimulate economic growth after years, saying the country’s economic growth rate hit 12.5 percent last year. Addressing the 57th annual general assembly of the CBI on Sunday, Seif expected that the rate of economic growth […]

IMF sees 4.2% Growth, Urges Financial Sector Reform

IMF Staff Completes 2017 Article IV Mission to Islamic Republic of Iran Real GDP growth is forecast to reach 4.2 percent in 2017/18. Iran is urged to advance financial sector reform. The IMF welcomes the reform of the universal cash transfer system to target income support to the poor in the proposed 2018/19 budget. An […]

IMF Forecasts Economic Slump for Iran in 2017

The International Monetary Fund (IMF) predicted an economic slump for Iran in 2017. “Iran’s economic growth will slide to 3.5 percent in 2017 from 12.5 percent in 2016 but is expected to expand 3.8 percent next year,” it said, The National reported. It added that other oil producing nations are also expected to see a […]

5% Growth Expected in Iran this year

By John Lee. The Central Bank of Iran (CBI) has forecast economic growth of at least five percent for the current Iranian calendar year, which ends on 20th March 2018. CBI Governor, Valiollah Seif (pictured), is quoted as saying. “Most of the economic sectors have improved remarkably during the current fiscal year … therefore the […]

Iran among World’s Most Powerful Economies by 2050

Iran will be among the biggest and most powerful economies in the world within the next three decades, a recent study showed. According to the study carried out by professional services giant PwC, Iran will be among 32 most powerful economies in the world by 2050. The report, titled “The long view: how will the […]

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Iran sees Decline in Inclusiveness of Growth

A report from the World Economic Forum (WEF) says that Iran has seen a decline in the inclusiveness of growth, losing over 1.54 percent in its score in the last five years, but still ranks 21st among the 79 developing economies on the Inclusive Development Index (IDI). The Inclusive Development Index is based on a […]

Rouhani’s Budget Proposal Reverses Declining Reliance on Oil

By Alireza Ramezani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iranian President Hassan Rouhani presented the last budget bill of his current term to the parliament Dec. 4. The state budget for the next Iranian year, beginning March 21, 2017, will exceed 10 quadrillion rials […]

Why Iran is Finding it Hard to Create Jobs

By John Lee. A report this morning from The Economist says that although Iran’s GDP is set to grow about 4.5 percent this year, up from 0.4 percent in 2015, unemployment has increased from 10.7 percent to 12.2 percent. Increased oil exports have been achieved largely by soaking up existing capacity, while the resulting influx […]

Growth to Reach 5% This Year, Next: CBI Chief

Governor of Central Bank of Iran (CBI) Valiollah Seif, who is on an official visit to Singapore, predicted that the economic growth of the country will reach five percent this year and the next year, calling on Asian companies to invest in the Islamic Republic. Speaking at a business seminar in Singapore on Wednesday, Seif […]

Economic Conditions Improving in Iran: IMF

A recent report by the International Monetary Fund (IMF) said there are signs of economic growth in Iran following the implementation of the Joint Comprehensive Plan of Action (JCPOA) between Tehran and world powers. “Real GDP rebounded strongly over the first half of the year as sanctions eased post-JCPOA implementation. Oil production and exports rebounded […]

Khamenei: Manipulating Numbers on Economy is ‘Major Sin’

By Arash Karami, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran’s Supreme Leader Ayatollah Ali Khamenei warned Iranian officials against manipulating statistics when it comes to the economy. In attendance at the speech were members of the Hassan Rouhani administration, who have been at […]

Iran’s 4.4% Economic Growth

Iranian President Hassan Rouhani highlighted the country’s economic growth of more than 4.4 percent in the first three months of the current Iranian year, which began on March 20, 2016. “(Iran’s) 11th administration took office when the country’s economic growth (rate) was minus 6.8% and today, it has reached 4.4 percent for the first three […]

Iran — Achieving its Potential in the Global Economy

By John Lee. A senior official with the International Monetary Fund (IMF) has said that Iran must implement economic and structural reforms and tackle money laundering and terrorist financing if it is to reintegrate into the global economy. Mr David Lipton (pictured), the IMF’s first deputy managing director, made the statement in Tehran — this […]

Increase in Iran’s Foreign Exchange Reserves

The International Monetary Fund (IMF) in its latest economic report announced that Iran’s foreign exchange reserve had increased significantly. In its latest World Economic Outlook report, the IMF said the Iranian reserve of foreign exchange rose by 14.3 billion dollars in 2015, registering a record of 125.9 billion dollars. The report at the same time […]