A look back at economic events of 2017 in Iran

Hassan Rouhani was elected for the second time as president of Iran with many challenges ahead such as housing market and unemployment; however, he manged to control the inflation rate.

Many believe that the considerable amount of growth in oil production which came about after the Iran nuclear deal was the main reason behind Rouhani’s success in control of inflation rate. Housing market is still in recession and experts believe that President Rouhani was absolutely unable to come up with any tangible plan to tackle that. This is at a time though, he who had inherited an inflation rate of around 40%, was able to reduce that number to below 10%.

Thanks to the Iran deal which is considered as a conspicuous achievement of Rouhani’s administration, Iran was able to reach approximately 5 billion dollars energy deal with the French oil company Total and China's CNPC. Rouhani believes that he can address the 12% unemployment rate via more cooperation with foreign companies; however, experts believe that he has to pay more attention to domestic manufacturers.

Iran has made headway in Internet speed, which led to a considerable growth in startups as a way to tackle the unemployment rate in the country. Snap and Alopeyk are among the pioneering online services which has employed many youths. Hamrah avval, Irancell and Rightel are commonly used SIM card brands, with Shuttle, Mobin Net and Parsonline as ruling wireless internet access providers.

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