Post-sanction Iranian economy shows ‘impressive recovery’: IMF

February 28, 2017 - 18:35

TEHRAN- The Iranian economy has had an “impressive recovery” following sanctions relief last year, the International Monetary Fund (IMF) said.

Iran’s economy is expected to grow 6.6 percent in the calendar year ending March 20 and stabilize at 4.5 percent “over the medium-term as the recovery broadens,” the IMF said in a report released on Monday. 

The report also highlighted the government’s ability to maintain inflation in single digits and stabilize the foreign exchange market, Bloomberg reported on Tuesday.

The World Bank, in its early January report titled Global Economic Prospects, had forecasted a 5.2 percent gross domestic product (GDP) growth for Iran in 2017.

The report put the country’s GDP growth at 4.6 percent in 2016, while it predicted 4.8 percent and 4.5 percent growth for Iran in 2018 and 2019, respectively.

GDP growth in Iran was strengthened considerably last year, bolstered by large gains in oil production as well as automotive, trade and transport sectors, the report said.


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