By Gita Gopinath, Gian Maria Milesi-Ferretti, and Malhar Nabar. "The region is this year growing at a slower pace than last year.
The adjustment brought the IMF’s assessment of Iran’s economic performance closer to that of the World Bank (-8.7 percent) and is revising opinion regarding the ineffectiveness of sanctions in forcing Iran to renegotiate the 2015 nuclear deal. The IMF expects Iran to have a fiscal deficit of 4.5% in 2019 and 5.1% in 2020, and projects its growth to contract by a whopping 9.5% this year.
Email notification sign-up . Listed below are items related to Islamic Republic of Iran. In its World Economic Outlook report published in October, the IMF said Iran's economy would contract 9.5% this year. Modify your profile. "Oil prices remain depressed, with international benchmark Brent crude trading at between roughly $58 and $65 per barrel for the last three months, save for a brief spike to nearly $70 following attacks on Saudi Arabia's largest oil facilities in mid-September.But thanks to a demand slowdown resulting from the U.S.-China trade war and rising protectionism in several major economies, not even terrorism or war-related disruptions have managed to keep oil prices up. "I think first is the resilience of the region. 2019 in Review: The Global Economy Explained in 5 Charts. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.Workers cross walkways between zones aboard an offshore oil platform in the Persian Gulf's Salman Oil Field, near Lavan island, Iran, on Jan. 5. "The outlook for the MCD region (Middle East and Central Asia) is driven by a large contraction in Iran in the short-term followed by a rebound in 2020," the report said. "Unemployment averages 11% throughout the region versus 7% across other emerging market and developing economies. "Despite rising geopolitical tensions, including those related to Iran, recent disruptions to Saudi Arabia's oil production, and ongoing conflicts in the region (Libya, Yemen), global oil prices have remained low and financial conditions relatively loose," the report said.Meanwhile, high debt, low employment and inadequate governance across the region are contributing to rising social unrest as citizens demand more from their leaders. "Yet the overall growth declined because of the volatility and the slowdown in the production due to the OPEC+ agreement (to limit oil output) and the negative growth in Iran and Libya.
The report also said that if Iran's economic growth remained below 5% in the coming years, unemployment could hit 26%. In its World Economic Outlook report published in October, the IMF said Iran's economy would contract 9.5% this year.The number makes 2019 one of the worst years for Iran's economy since 1984. "For the oil exporting countries, non-oil growth is gradually picking up thanks to the reforms that they have introduced," Azour said. "In a single-product oil economy like Iran's, where the government is the main job provider and oil exports are restricted by sanctions, government investments will decrease, and consequently more jobs will disappear," said Bazoobandi, adding that this causes delayed wages, layoffs and regular government worker strikes.The publication of IMF report and the negative projections for Iran's economy unleashed a wave of criticism and mocking of President Hassan Rouhani by Iranians on different social media platforms.Iran's politicians try to avoid talking about the country's dire economic issues. "They need to continue the reform path in order for the economy to be more productive, to create more jobs… and (there is) potential in certain sectors like technology," which Azour described as "very promising for the future. "It means people who don't have money see their costs rise up to 40%. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. Still, discontent in the Arab world's most populous country is widespread: more than 2,000 people have been arrested following short-lived anti-government protests in September over the soaring prices and subsidy cuts that characterize the Egyptian government's austerity measures – the very measures being praised by the IMF.Got a confidential news tip? Widespread sanctions have hit the economy hard and ordinary Iranians are bearing the burden of a recession.Economic indicators for Iran released recently by the International Monetary Fund (IMF) and the World Bank show the impact sanctions have had on the country's oil-fuelled economy. "The IMF expects Iran to have a fiscal deficit of 4.5% in 2019 and 5.1% in 2020, and projects its growth to contract by a whopping 9.5% this year. But there was another, equally important lesson that could have been drawn from economic growth before the revolution, this one from the 1960s. According to the same report, the average price of housing per square-meter rose by 82%. You can find more information in our data protection declaration.After two years of successive contraction, recent reports paint a grim outlook for Iran's economy in 2020. Iran’s gross domestic product (GDP) declined by 7.59 percent in 2019 after adjusting for inflation. Iranian President Hassan Rouhani says his country is facing "economic …
2017. Forecasts for 2019, 2020 and 2021 have been put at -4.8%, 0% and 0.1% respectively
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