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Iran needs $322B investment annually to reach 8% economic growth

Business Materials 6 July 2015 17:28 (UTC +04:00)

Baku, Azerbaijan, July 6

By Fatih Karimov - Trend: Iran needs 10,630 trillion rials (about $322 billion based on free market rate) investment annually to reach 8 percent economic growth, Head of Iran's Management and Planning Organization Mohammad Baqer Nobakht, said.

Such volume of investment should be made annually during the 6th five-year national development plan (2016-2021), Iran 's Fars news agency quoted Nobakht as saying July 6.

In the most optimistic scenario, 6000 trillion rials (about $182 billion) of the sum should be secured by internal sources and the rest by external sources, he added.

The 6th development plan envisages sustainable growth of 8 percent over the next five years.

Iran's economy contracted between 2012 and 2013 at a rate of 6.8% and 1.9%, which saw the national currency lose two-thirds of its value. According to the International Monetary Fund, Iran generated a GDP of $406 billion in 2014, which landed it second among 30 economies in the Middle East, North Africa and the Central Asia.

Edited by CN

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