The Central Bank of Iran (CBI) says COVID-19, the disease caused by the coronavirus pandemic, was to blame for a 0.6-percent contraction in the country’s gross domestic product (GDP) without oil in the fiscal year quarter ending June 20.
The World Bank expects Iran’s economy to bounce back to growth in 2021 with 2.1% in GDP expansion after having experienced an estimated 5.3% contraction this year.
Budget’s dependence on crude sales as well as unnecessary rules and regulation are “the country’s chronic illnesses” that need to be treated.
The United Nations has forecast a 5.3% economic growth for Iran in 2017 in its latest World Economic Situation Prospects.
Iranian President says the country has reached an economic growth of 4.4 percent in the first three months of the current Iranian year.