IMF Revises Iran Economic Growth Projection to 2.5%

mahla — Thu, 14 Oct 2021 06:45:45 +0000

TEHRAN (Iran News) – The International Monetary Fund (IMF) has lowered its expectation of Iran’s economic growth for 2021 by 0.7% to 2.5%, according to a latest document published by the Fund.

Tables in the IMF’s World Economic Outlook published on Tuesday projected thats Iran will end the current year with a lower-than-expected growth in gross domestic product (GDP), mainly because of the continued impacts of the US sanctions and the hit suffered to the economy from the coronavirus pandemic.

However, the international lender increased its estimate of economic growth in Iran for 2020 to 3.4%, up from a negative growth of 5% announced in a previous report.

The IMF projected that Iran’s economy will continue to grow in 2022 by 2.0%, lower than an estimate published in July.

The report said that Iran’s inflation will decrease from a projected rate of 39.3% in 2021 to 27.5% next year. It estimated that consumer prices had risen by 36.4% in 2020.

Iran’s unemployment rate will remain relatively high, about 10.5% in 2022, up by half a percentage point against this year and near one percent higher than last year.

IMF’s projections showed that Iran’s current account balances would return to a positive growth zone by an increase of 1.3% expected for 2021 and by another percentage point forecasted for next year. The indicator had dropped by 0.1% year on year last year.

Lowering growth figures was consistent for almost all countries and regions of the world in the IMF’s Tuesday report which was published just before a joint meeting of the IMF and World Bank. That comes as the report expected some resource-based economies like Saudi Arabia and Nigeria would benefit from a global recovery in demand for hydrocarbons.

The report said that inflation pressures and supply chain disruptions would continue to affect the global economic recovery from the coronavirus in the next months.

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Iran’s economic growth to decrease -9.45% in 2019

reporter 1222 — Wed, 16 Oct 2019 13:28:01 +0000

TEHRAN (Iran News) – In its latest report of World Economic Outlook, International Monetary Fund (IMF) announced that Iran’s economic growth has decreased -9.45 percent in 2019.

IMF also forecast that Iran’s unemployment and inflation rates in 2019 have increased 35.6 and 16.7 percent respectively.

The international monetary body put Iran’s economic growth in 2019 at -9.45 percent.

In its previous report, IMF had predicted Iran’s growth rate in 2019 at -6 percent.

Iran’s unemployment rate in 2019 and 2018 had been put at 16.78 and 14.48 percent respectively.

According to IMF, Iran economic growth, inflation and unemployment rates have dropped in 2019.

Also, Iran’s current account balance has hit from 4.09 percent in 2018 to -2.6 percent in 2019, International Monetary Fund added.

The biggest sector of Iran’ s economy are services, which account for 51 percent of GDP. With services the most important segments are: real estate and specialized and professional services (fourteen percent of total GDP); trade restaurants and hotels (twelve percent) and public services (ten percent). Oil production constitutes twenty three percent of the wealth. Manufacturing and mining contribute for 13 percent of the output and agriculture for 10 percent. The last big component of the GDP is construction and electricity, gas and water distribution, which account for 7 percent of total output.

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IMF Revises Iran Economic Growth Projection to 2.5%

Iran’s economic growth to decrease -9.45% in 2019