Azerbaijan, Baku, Oct. 1/ Trend, F. Karimov/
Iran's economy needs major reforms, IRNA quoted Masoud Nili, the advisor to the Iranian president, as saying.
The national economy needs to be reformed in regards to foreign currency, cash subsidies, privatization, and the banking sectors, he said.
Once the four sectors of the economy are reformed, economic activities will go on normally, and then economic improvement will set in, he explained.
Either economic reforms have not been carried out at all in recent years, or have not been carried out correctly, he noted.
The Iranian Parliament Research Center released a report, which says Iran's economy contracted 3 percent during the last Iranian year which ended on March 2013, and it is estimated to contract 1.3 percent more during the current Iranian solar year.
According to the report, the average economic growth during last 8 years is 3.52 percent, while Statistical Centre of Iran said earlier that Iran's economy contracted by 5.4 percent during last solar year.
The Parliamentary Research Center said that from 2006-2011, about 300,000 job opportunities were lost, namely, the number of the demands for labor force decreased from 20.84 million to 20.51 million.
According to Central Bank of Iran, the inflation rate in the last month reached 39 percent. On the other hand, liquidity increased from about 700 trillion rials to above 4,790 trillion rials during last eight years.
Now, the new Iranian president Hassan Rohani has to manage and recover the economy, while Iran's oil exports have decreased from 2.2 million barrels per day (mbpd) to below one mbpd during last two years.
Iran's condensate and petrochemical exports have decreased by 26 percent and 40 percent during mentioned time, based on Custom Administration report.