TEHRAN- Iran’s economic growth is forecasted to grow by 4 percent in 2016 and by 3.7 percent in 2017, according to the April 2016 report of the International Monetary Fund (IMF).

The IMF report has put Iran’s gross domestic product (GDP) growth in 2015 at 0.0 percent while the World Bank, in its January report, estimated the country’s growth in 2015 at 1.9 percent.

The World Bank has also forecasted Iran’s GDP to grow by 5.8 percent in 2016 and by 6.7 percent in 2017.

The IMF has also predicted Iran’s average economic growth by 2021 at 4 percent.

According to the report, the consumer prices, the main indicator of inflation, would also decrease to 8.9 percent in 2016 from 12 percent in 2015, while the figures are predicted to drop even further to 8.2 in 2017 and to the average of 5.0 until 2021.

Unemployment is also calculated at 11.3 percent for 2016 and 11.6 in 2017, the report indicates.

Global growth is projected to remain modest in 2016, at 3.2 percent, before picking up to 3.5 percent in 2017. 

The outlook across the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) is projected at 3.1 percent in 2016 and 3.5 percent in 2017, 0.8 percentage point and 0.7 percentage point weaker, respectively, than projected in the October 2015.

Growth in the member countries of the Cooperation Council for the Arab States of the Persian Gulf is also expected to decline from 3.3 percent in 2015 to 1.8 percent in 2016 and pick up to more than 2 percent over the medium term.

SJ/MA