Iran's economy faces more challenges after coronavirus outbreak

Business Materials 5 March 2020 19:54 (UTC +04:00)
Iran's economy faces more challenges after coronavirus outbreak

TEHRAN, Iran, March 5


Coronavirus spread would lead to economic losses and it creates concerns over Iran's economic outlook, economist and board member of Alzahra University Hossein Raghfar told Trend in an interview.

"Although the virus has created problem all over the world, it's different in Iran since the country's economy is challenged by sanctions and Iran is blacklisted by the Financial Action Task Force (FATF), he said.

"Given the country's current economic and social situation, it is not clear what will happen and to what extent the disease is under control, since no precise data was released, but it is apparent that the coronavirus' spread would bring deep and vast damages on the society," Raghfar said.

"There are some groups that abuse the situation for their own profits, and the health minister is raising the issue of hording surgical mask and sanitizers in his letter to the president," the economist added.

"The abandoned economy is a deep disaster and the administrative system is frustrated, that it is manifested today more than ever. The issue became exacerbated due to lack of alcohol, antiseptics and mask supply," he said.

"Some individuals take advantage of the situation; even the price of lemon, ginger and garlic has increased drastically since there is no supervision over the prices," he added. "Unfortunately, we witness a disorder in the country due to bad decisions made by administration."

"There is no wonder if we see more unrests like in November, and it is possible that there will be increase of violence in the society and in immigration abroad," Raghfare said noting the possibility of the shortage in the supplies.

"The only solution is rationing," he said, "The coronavirus will affect the low-income class more than others, so decisions shall be made to help the most vulnerable groups, and the role of the government has become more important these days in this regard."