BAKU, Azerbaijan, June 16
By Elnur Baghishov –Trend:
Iran's economy has shrunk by 16.2 percent over the past two years, Head of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) Masoud Khansari said during the chamber's meeting, Trend reports citing the organization's website.
Khansari added Iran's economic growth slowed during past two years.
The World Bank forecasts Iran's economic growth at -5.3 percent, said the chamber head.
"The Central Bank of Iran plans to keep inflation in Iran at 22 percent this year [began March 20, 2020]. However, the prices of products in Iran are rising," he said adding that producer price index inflation increased by 36 percent.
The official noted that loans worth of 9.85 quadrillion rials (about $234 billion) were issued in Iran in the last Iranian year (from March 21, 2019 to March 20, 2020), showing an increase of 25 percent.
At present, one of Iran's main sources of revenues is the export of non-oil products; however, its volume decreased by 47.7 percent in the first two months of current Iranian year from March 20 through May 20, 2020, compared to the same period last Iranian year, Khansari added.
"It is true that the spread of the coronavirus has had a significant impact on exports. Meanwhile, certain problems related also are among reasons for the export decline," he said.