Iran Economic Growth Stood at Minus 7% Last Year

IRAN NEWS ECONOMIC DESK

TEHRAN – The Statistical Center of Iran in its latest report announced the economic growth of the country in the last Iranian calendar year which ended on March 20.

According to the report, Iran’s economic growth dropped to minus seven percent last year. The growth has been calculated with oil revenues. The Statistical Center added that last year’s economic growth without oil revenues stood at minus 0.06 percent.

The report shows growth in the agro sector was 3 percent while the figure for the mines and industries sector was minus 14.7 percent and in the services sector it was minus 0.3 percent.

Meanwhile reacting to the report, deputy head of Iran’s chamber of Commerce Mr. Hossein Salahvarzi said that the global economic growth has been affected by the outbreak of the Coronavirus and Iran’s economy is not an exception.

He said the form of Iran’s economy in the future depends on how the country acts against the Coronavirus and currently the country is moving slowly.

He admitted that some believe that if Iran’s economy continues before the outbreak of the virus, they will definitely witness the expansion of poverty and inequality.

Salahvarzi reiterated that the government should adopt several scenarios for the post-Coronavirus era and it should prioritize its plans based on the public and country’s needs.

He reiterated that if the Coronavirus continues to affect the economies, the scenarios will totally differ.

He expressed hope the world would overcome the pandemic and the economies would back to their normal lives.

The World Bank expects Iran’s economy to bounce back to growth in 2021 with 2.1% in GDP expansion after having experienced an estimated 5.3% contraction this year.

In its June edition of Global Economic Prospects report, World Bank has revised down its forecast for Iran’s growth in 2020. The previous such report had estimated 0% growth in 2020.

However, the forecast for next year has been revised up, as the previous report had forecast 1% growth in 2021.