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According to the IMF data, Iran’s gross domestic product (GDP) in 2023 was higher than almost all of the world’s major economies including the U.S., China, the UK, France, Germany, Japan, Russia, Saudi Arabia, and many more.

The Islamic Republic’s economic growth in 2023 was nearly 1.6 percent more than the country’s GDP growth in 2022.

The IMF has also reviewed its forecast of Iran’s economic growth for 2024 from 2.5 percent in October to 3.8 percent.

The increase in Iran’s economic growth happens at a time when global growth has slowed to 3.1 percent. The average economic growth of the developed economies has been reported to be 1.6 percent in 2023 while the figure stood at 2.6 percent in 2022.

Developing countries have also had an average growth of 4.1 percent in 2023, indicating that Iran’s economy increased more than the average of its equivalents.

West Asian economies grew by an average of 2.0 percent. In that region, Saudi Arabia recorded -1.1 percent growth.

The economic growth of some other countries in 2023 was as follows: the U.S. 2.5 percent, Germany negative 0.3 percent, France 0.8 percent, UK 0.5 percent, China 5.2 percent, Russia 3.0 percent, Brazil 3.1 percent, Turkey 4.0 percent and Pakistan – 0.2 percent.

As announced by the Central Bank of Iran (CBI), the country’s gross domestic product (GDP) including oil grew 4.7 percent in the first half of the current Iranian calendar year (March 21 – September 22, 2023) compared to the same period last year.

Based on the CBI data, the figure was 3.6 percent excluding oil.

The World Bank in a recent report on Iran’s economy dubbed “Iran Economic Monitor” said the Islamic Republic’s economy has been expanding despite the sanctions and global economic conditions.

EF/MA

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Based on the report, Iranian economy has improved 10 places among the world’s 191 countries to stand at the 90th place above the UK, the Netherland and Hungary.

The Islamic Republic stood at the 100th place among the world’s economies in 2022, according to the IMF’s previous reports.

The fund had estimated the Islamic Republic’s GDP growth at 2.5 percent for 2023, in its previous report published in July.

The entity also revised its estimation for the Islamic Republic’s economic growth in 2022, putting the country’s GDP growth for the mentioned year at 3.8 percent. In the July report, Iran’s economic growth for 2022 was estimated to be 3.5 percent.

The 3.8 percent growth of Iran’s economy in 2022 was higher than the average growth of the world economy this year and more than the economic growth of many countries, including Canada, China, Germany, South Korea, and the United States.

The report has said inflation in Iran which was reported to be 45.8 percent in 2022 is expected to increase to 47 percent in 2023 and then fall to 32.5 percent in 2024.

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Based on the IMF data, Iran’s Gross Domestic Product (GDP) based on the purchasing power index will grow by $91 billion or two percent in 2023 to reach $1.7 trillion.

Meanwhile, Iran’s GDP per capita is also expected to increase by $865 based on the purchasing power index to reach $19,528 in 2023 from $18,663 in 2022.

IMF sees Iran’s GDP excluding oil grow by two percent in 2023, and the growth of the country’s economy including oil will be 2.1 percent this year.

The inflation rate in Iran is predicted to be 40 percent in 2023, registering no change compared to 2022.

The International Monetary Fund expects the rate of the country’s liquidity growth to slow down in 2023. The liquidity growth that reached 47.5 percent of GDP in 2022 will decrease to 45.6 percent in 2023.

The budget deficit of the Iranian government in 2023 will reach six percent of GDP, which is 1.8 percent higher than the figure in 2022.

The Iranian government’s total revenues will not change in 2023 compared to the previous year. The Iranian government’s income in 2023 is estimated to be 8.3 percent of the GDP, registering no change compared to the previous year. However, the government’s non-oil incomes will increase from 7.4 percent of GDP in 2022 to 7.5 percent of GDP in 2023.

Based on the IMF data, the downward trend of the Iranian government’s gross debt will continue in 2023 to settle at 31.9 percent of the GDP this year.

The fund also predicts Iran’s current account balance to be $30.2 billion in 2023. Iran’s current account balance in 2022 is estimated at more than $32 billion.

Based on the mentioned data, Iran’s foreign currency reserves increase by more than $11.4 billion in 2023 and reach $42.2 billion. Iran’s available foreign currency reserves in 2022 are estimated at $30.8 billion. This international organization has announced that Iran’s foreign currency reserves are more than $120 billion, but it claims that Iran has access to only a small part of these reserves due to the U.S. sanctions.

According to the estimate of the International Monetary Fund, Iran’s foreign debt in 2022 will be equal to 0.5 percent of the GDP and it is expected that this figure will remain the same in 2023.

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The fund has estimated the ratio of the Iranian government’s expenditure to the country’s GDP in 2022 at 12.517 percent.

Based on the IMF data, the Iranian government has had the lowest expenditure among the West Asian nations in 2022.

According to the fund, the world’s lowest-spending government in 2022 has been Haiti. The ratio of the total expenses of the Haitian government to the country’s gross domestic product in 2022 has been estimated as 10.293 percent.

The governments of Turkmenistan, Sudan, Ethiopia, and Equatorial Guinea are ranked second to fifth respectively.

Among the countries of West Asia, Iran is said to have the least spending government in 2022. Saudi Arabia, which is ranked 65th in the world, is the second least spending government in West Asia. The ratio of Saudi government expenditure to the country’s gross domestic product has been announced as 26.858 percent. Qatar has ranked third with 27.63 percent.

The IMF, in its latest World Economic Outlook report titled “Countering the Cost-of-Living Crisis” published on October 11, predicted that Iran’s economy will experience a positive growth of three percent in 2022, following its upward trend for the third consecutive year.

The report said that Iran’s GDP based on purchasing power parity reached $1.6 trillion in 2022, indicating an increase of $150 billion from $1.45 trillion in 2021.

The entity put the Islamic Republic’s GDP per capita at $18,660 in 2022, increasing $1,580 from 2021 in which the figure stood at $17,080.

IMF also saw Iran’s current account balance increase by $20.886 billion in 2022.

Based on the IMF data, Iran’s account balance reached $32.031 billion in 2022 from $11.145 billion in the previous year.

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IMF, in its latest World Economic Outlook report titled “Countering the Cost-of-Living Crisis” published on Tuesday, anticipated that Iran’s inflation rate and accounts balance will also improve in the current year.

The international body had put Iran’s inflation rate in 2021 at 40.1 percent, adding that not only Iran’s inflation rate will not increase in the current year as compared to a year earlier, but it will hit 40 percent at large, showing a bit decline.

The IMF also predicted that Iran’s balance of its current accounts in 2022 will double as compared to the same period of last year.

Accordingly, the balance of Iran’s current accounts in 2021 had been put at 0.6 percent of its gross domestic product (GDP), the rate of which will hit 1.6 percent in the current year.

Therefore, the IMF expects Iran’s economy to experience positive growth for the third year in a row in 2022 in spite of tough sanctions imposed by the United States against Iran.

Iranian economy experienced a 3.1 percent negative growth in 2019 following the U.S. maximum pressure policy imposed against Iran, IMF said, adding that Iran’s economy moved out of recession in 2020 despite the global coronavirus pandemic.

Earlier this week, World Bank also predicted the Iranian economy to grow by 2.9 percent in 2022.

In its latest economic report on the MENA region, dubbed “A New State of Mind: Greater Transparency and Accountability in the Middle East and North Africa”, the bank said that the Islamic Republic’s Account Balance is also going to improve in 2022 reaching 3.8 percent of the GDP. The figure stood at 3.5 percent last year.

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The IMF said in its latest World Economic Outlook report that Iran’s gross domestic product (GDP) would increase by 3% this year.

The global crisis lender also revised up its estimate of Iran’s GDP growth in 2021 from 3% to 4%.

Tables published in the IMF report showed that Iran’s economic growth will drop by one percentage point to stand at 2% in 2023.

The estimates come as Iran has been facing an unprecedented wave of economic sanctions by the United States since the middle of 2018.

The Iranian economy has also grappled with the impacts of the coronavirus pandemic which started to spread in the country in early 2020.

U.S. sanctions have mostly targeted Iran’s sale of crude oil and its ability to engage in dollar transactions in the global banking system.

Recent reports have suggested that Iran’s oil exports have rebounded from record lows of less than 500,000 barrels per day (bpd) seen in 2019 to more than 1.5 million bpd in late 2021 and early 2022.

The IMF report estimated Iran’s annual inflation rate was at 40.1% at the end of 2021, up from 36.4% in 2020. It predicted that the rate will decline to 32.3% in 2022 and to 27.5% in 2023.

It estimated that jobless rate in Iran will reach 10.2% this year and 10.5% in 2023, up from 9.8% reported last year.

IMF has predicted West Asia’s GDP to grow by 4.1 percent in the current year, with no change from the fund’s previous report.

The international body sees Iran’s inflation (consumer price changes) at 27.5 percent in 2022, decreasing 11.8 percent from 39.3 percent in 2021.

As reported, the country’s account balance which was – 0.1 percent of the country’s GDP in 2020 is expected to climb to one percent in 2022.

Based on the IMF data, despite the sanctions and the negative impact of the pandemic, the Iranian economy is going to outperform many countries both in the region and across the world.

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Addressing a G24 meeting on Monday, Hemmati said: “Demands are expected to be met without discrimination and not under the influence of political lobbies.”

He stressed the need for unbiased support of the International Monetary Fund (IMF) and called for inclusive cooperation to transfer the technology of producing drugs for the COVID-19 and the distribution of the drug.

“Presently, what is very vital and important is global cooperation and the transfer of technical knowledge in the production and possibility of equitable production and distribution of vaccines at reasonable prices,” he said.

Hemmati further said that there were morally no limitations to export COVID vaccines and the relevant medical equipment.

“IMF and WB have a key role to play in supporting member countries to mitigate the health and economic effects of the pandemic and the various stages of recovery,” he noted.

Hemmati that the IMF was expected to fulfill the members’ legal demands, away from any political lobbies and pressures.

He underscored that the IMF must have sufficient resources to meet the large financial needs of its members in the event of a crisis.

The G24 meeting was chaired by Hemmati in the presence of the heads of the IMF and the WB, and the heads of the member central banks.

Examining the global economy, contributing to the economic recovery of developing countries after the Coronavirus Pandemic, and promoting cooperation between members were the main topics of the meeting.

How to support international organizations such as the International Monetary Fund, the World Bank, and multilateral development banks from developing countries and increase low-interest loans to these countries and delay previous loans were also among the most important topics discussed at the meeting.

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