News / Economy

‘Nuclear deal to unleash Iran’s economic power’

Wednesday, 01 April 2015 4:53 PM [ Last Update: Wednesday, 01 April 2015 5:59 PM ]

Iran and US meet in Switzerland to discuss a deal on the Iranian nuclear program. (Recent photo)

A new report says a possible nuclear accord between Iran and the permanent UN Security Council members plus Germany (P5+1 countries) will help release the full force of Iran’s economic potentials.

According to the CNN report, the checklist of attributes Iran possesses is impressive. The country has the second largest population in the Middle East with roughly 80 million, 9% of proven oil reserves, 18% of proven gas reserves and an abundance of strategic minerals.

"If you put together the consumer potential of Turkey, the oil reserves of Saudi Arabia, the natural gas reserves of Russia, and the mineral reserves of Australia, you have it all in one country," the report quoted Ramin Rabii, CEO of Iranian investment firm Turquoise Partners as saying.

The report also said Iran's top four customers of oil products -- China, India, Japan and South Korea -- fell into line with sanctions, cutting back imports by a third or more in the past few years.

It added that the Iranian economy shrank by 5 percent in 2013.

It said with a GDP of about $366 billion, Iran's economy is about 20% smaller than it would have been without sanctions. The report cites a study by the US Congressional Research Service, which gives the country’s Gross Domestic Product a world ranking of 18 Purchasing Power Parity (PPP).

When Goldman Sachs drew up its list of "Next 11" most promising emerging markets back in 2007, Iran made the grade. The investment bank cited its energy potential, human capital and technology.

The country also has a strong, but often overlooked, industrial base. It is a heavyweight when it comes to autos, cement and steel. Iran produced 1.6 million autos in 2010, and was ranked third in cement production last year.

The report says if anti-Iran sanctions are lifted, the country may become a top 10 economy in the coming decades.

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