The World Bank (WB), in its latest report, forecasted that Iran’s economy is expected to grow by 3.2% in 2024, with the inflation rate projected to decrease to 35.3%.
According to World Bank estimates, Iran’s economy grew by 5% and experienced a 40.7% inflation in 2023, Mehr news agency reported.
According to WB, the country’s inflation rate, which was 40.7% last year, is also expected to decrease to 35.3% this year.
The Central Bank of Iran (CBI) reported in late June that the country’s gross domestic product (GDP), including oil, grew by 4.5% in the previous Iranian calendar year (ended on March 19).
The World Bank also forecasted that Iran’s non-oil sector, which grew by 3.8% last year, will reach 3.0% this year.
Iran’s oil sector, which saw a significant growth of 17.1% last year, is also expected to grow by 5.0% this year, Mehr news agency reported.
Additionally, the World Bank predicts that Iran’s oil production will increase by 200,000 barrels compared to the previous year, reaching 3.2 million barrels per day.
The agricultural sector in the country is expected to grow by only 0.9% this year, while the industry sector is projected to reach 4.9% growth and the service sector is expected to grow by 2.6%.