WB sees Iranian economy expanding 2.1% in 2021

mahla — Sun, 13 Jun 2021 10:20:55 +0000

TEHRAN (Iran News) – Iranian economy is projected to grow by 2.1 percent in 2021 as booming domestic production outweighs the negative impacts of the coronavirus pandemic, according to the World Bank’s Global Economic Prospects (GEP) report released on June 8.

“In the Islamic Republic of Iran, growth is forecast to recover by 2.1 percent in 2021 and 2.2 percent in 2022 with a rebound in industrial production outweighing continued suppressed demand for services due to a high number of COVID-19 cases,” the report stated.

According to the World Bank, the Iranian economy also exceeded expectations in the previous Iranian calendar year (ended on March 20) as the country’s industrial and productive sectors grew significantly against all the odds.

“The Islamic Republic of Iran avoided an expected contraction in the fiscal year 2020/21, which ended in March, with both the oil and non-oil sectors rebounding in the second half of the year, benefiting from higher oil prices and currency depreciation, respectively,” the institute said in its report.

According to the mentioned report, Iran’s Gross Domestic Product (GDP) is going to continue its positive growth in 2023, expanding by 2.3 percent.

In January, the bank had predicted a 1.5 percent GDP growth for Iran in the current year and a 1.7 percent growth for 2022; the current estimation of Iranian economic growth is 0.7 percent better than the entity’s previous estimations.

World Bank also sees the global economy rebounding in the current year, although most developing economies are expected to lag behind due to the negative impacts of the pandemic.

“The global economy is expected to expand 5.6 percent in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies,” the report said.

Based on the report, many emerging markets and developing economies will continue to struggle with the COVID-19 pandemic and its aftermath.

Despite the recovery, global output will be about two percent below pre-pandemic projections by the end of this year. Per capita income losses will not be unwound by 2022 for about two-thirds of emerging market and developing economies.

Among low-income economies, where vaccination has lagged, the effects of the pandemic have reversed poverty reduction gains and aggravated insecurity and other long-standing challenges, the report stated.

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Iran Nominal GDP Growth,1.55 percent: SCI

reporter 1222 — Mon, 06 Jul 2020 03:51:08 +0000

TEHRAN (Iran News) – Iran’s Gross Domestic Product (GDP) had a growth of 1.55 percent on the base-year 2011-2012 as reported by the Statistical Center of Iran (SCI) on July 5.

Publishing its economic data for the fiscal year 1398 (ending March 19, 2020), the SCI reported that total the country’s GDP over the past calendar year had reached 7,037,972 trillion rials, or more than $372 billion, based on the base-year exchange rate of 18,900 for the rial against the US dollar, Press TV reported.

Iran had reported a GDP of 6,929,905 trillion rials (over $366 billion) for the year 1390 (ending March 2012). The nominal GDP for the year ending March 2020 declined by seven percent compared to the previous year while the GDP without oil shrank by six percent for a similar period, showed the SCI figures.

However, Press TV’s own analysis of off-the-record SCI charts related to the GDP calculations from 2011 to 2020 showed that Iran had seen its economic output declined by almost 40 percent over the period in question.

The figures showed that total GDP in the year ending March 2020 had reached 34,160,313 trillion rials, which amounts to $221 billion once calculated based on an average annual exchange rate of 154,343 for the Iranian rial against the US dollar.

The value of Iran’s nominal GDP could drop albeit at a lower rate at the end of the current fiscal year as the rial is currently trading at a record low of 218,500 against the greenback.

The charts by the SCI showed it estimates the GDP for the year ending March 2021 would stand at 36,551,535 trillion rials (over $167 billion based on current exchange rate), a contraction of more than 24 percent year on year.

A worst-case scenario based on SCI figures showed that the rial could fall as low as 437,251 against the dollar, meaning that a larger GDP of 43,725,200 trillion rials for the current fiscal year would equal $100 billion.

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WB sees Iranian economy expanding 2.1% in 2021

Iran Nominal GDP Growth,1.55 percent: SCI