IMF expects Iran’s economy to grow by 3% this year
The International Monetary Fund expects Iran’s economy will continue to grow in the years to come despite the economic pressure imposed on the country by the United States.
IMF’s World Economic Outlook forecasts published on Tuesday showed that Iran’s gross domestic product (GDP) will increase by 3 percentage points in 2022 and by another 2% next year.
The IMF said that Iran’s economy had expanded by 4.7% in 2021 despite being subject to a regime of American sanctions that banned the country’s crude oil exports while imposing a raft of restrictions on the country’s economy.
Iran’s economy had contracted for two years to 2020 mainly because of the sanctions and also because of the economic closures caused by the spread of the coronavirus pandemic in the country.
That comes as various reports and statements by government authorities suggest that Iran has been able to sell increased volumes of oil to Asian customers since the second half of 2021 amid a growing demand for oil that has been caused by the global recovery from the pandemic.
Iran has been offering major discounts on its crude oil shipments in recent years in a bid to get round the US sanctions and sell its oil to Asian customers.
Experts say US sanctions have caused the Iranian economy to diversify away from crude revenues and rely more on its domestic resources.
The IMF figures about Iran’s economic growth are consistent with recent data published by The World Bank which indicate that Iran’s economy grew by 4.7% last year.
The World Bank forecasts show that Iran’s economy will grow by 2.9% this year and by 2.2% next year.
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