Iran’s economic growth to double: WB report

Iran Materials 15 January 2011 12:12 (UTC +04:00)

The World Bank stated in its latest 2011 report that economic growth in the Islamic Republic will double this year.

Fars news agency cited the report as saying that foreign investment in the Islamic Republic will reach $2.9 billion in the year which shows impotence of the international sanctions imposed on the country.

Iran's economy grew 1.5 percent in 2010 and is predicted to reach 3 percent in 2011 and another 3 percent in 2012.

The report envisaged a positive trend of 3.3 percent for the world economy in 2011 recovering from the slump in 2008.

The average economic growth in the Middle East in 2010 was 3.3 percent which is predicted to hit 4.3 percent in 2011.

According to World Bank predictions GNP will also rise in Iran in 2011 and go up to 6.7 percent from 6.1 percent last year.