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Iranian economy weaker than average world economy

Iran Materials 8 December 2010 16:28 (UTC +04:00)
Annual industrial production of Iran hits about $300 billion, Irna reported quoting Keshavarzi Bank Chairman Mohammad Talebi said.
Iranian economy weaker than average world economy

Azerbaijan, Baku, Dec. 8 / Trend A.Yusifzade /

Annual industrial production of Iran hits about $300 billion, Irna reported quoting Keshavarzi Bank Chairman Mohammad Talebi said.

According to Talebi, the world industrial production reaches $40 trillion a year through support of over $150 trillion in financial assets. "Our (Iran's) bank deposits make up $240 billion and the Iranian economy is weaker than the average global economy in term of investments and bonds," Talebi said.

The reason for Iran's poor economic performance as compared to global economy is the low amount of bonds allocated to support the production. "Only one percent of necessary cash resources needed for the productive sector are provided by bonds," said Talebi.

Earlier, Iranian President Mahmoud Ahmadinejad said the country's annual production of agricultural goods will exceed 200 million tons in the subsequent four years. Ahmadinejad said the government will allocate 60 trillion rials (around $6 billion) to the key sector to achieve that target.

"This is not an unusual demand... The agricultural sector should be the most active sector of the country. When the agro sector grows, the economic and cultural paradigms of the society will also change," he underscored.

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