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Latest World Bank projections show Iran’s gross domestic product will continue to contract in 2019, before reversing gear in 2020. According to WB’s latest “World Economic Prospects” report published after the New Year, Iran’s GDP is bracing for further contraction in 2019 to reach -3.6% after experiencing an estimated -1.5% in 2018 before stabilizing in […]
Latest World Bank projections show Iran’s gross domestic product will continue to contract in 2019, before reversing gear in 2020.
According to WB’s latest “World Economic Prospects” report published after the New Year, Iran’s GDP is bracing for further contraction in 2019 to reach -3.6% after experiencing an estimated -1.5% in 2018 before stabilizing in the positive territory at 1.1% in 2020 and 2021.
The estimates for 2018, 2019 and 2020 show -5.6%, -7.7% and -3.1% changes compared to World Bank’s June 2018 projections.
US Sanctions Impact
The main contributing factor to contraction of Iran’s economic growth goes back to US sanctions imposed against the Islamic Republic last year, according to Financial Tribune.
US President Donald Trump announced on May 8 his withdrawal from the nuclear deal Iran had signed with world powers in 2015 and rolled out a new sanctions regime against Tehran, described as “toughest ever” in the following months.
The first round of renewed US sanctions reimposed on Aug. 7 prohibits Iran’s purchase of US dollars and precious metals, part of a larger move that attempts to cut the country off from the international financial system. A second tranche of sanctions on Iran’s oil and gas sector took effect on Nov. 4.
Oil Factor
Iran will see its crude exports severely curtailed for a third month in January, as it is struggling to find new buyers amid fresh US sanctions even though its traditional customers secured waivers, according to tanker data and industry sources.Iran’s crude exports in November plummeted to below 1 million barrels per day, from regular sales of 2.5 million bpd before sanctions were imposed in May, and taking them back to where they stood during the previous round of sanctions in 2012-16, Reuter reported.
Buyers said plunging exports in November, which will severely hit the Islamic Republic’s budget revenues, were caused by a total lack of clarity of what volumes they were allowed to purchase under the new US sanctions.
Chairman of the Board of Directors of the Association of Iran’s Rubber and Tire Producers said 80 percent of the country’s needs for tires is met by domestic producers, IRIB reported
Iranian banking system paid 380.893 trillion rials (about $780 million) of facilities to knowledge-based companies in the first two months of the current Iranian calendar year (March 20-May 21), to register an over 100 percent rise compared to the same period in the preceding year
The production of iron ore concentrate in Iran increased by 17.6 percent in the first two months of the current Iranian calendar year (March 20 -May 20), as compared to the same period in the past year, according to the data released by the Iranian Steel Producers Association (ISPA)
The head of the Iran Airports and Air Navigation Company declared that the second FlightCheck aircraft arrived in the Islamic country after the finalization of the purchasing process and officially started its operation
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