Official: Iran in economic recession since 2008
Azerbaijan, Baku, Jun.25/ Trend F.Milad/
The director general of the Iranian presidential office's department for macro economy planning has said that the country has been in economic recession since the Iranian calendar year 1387 (began on March 20, 2008).
The Fars News agency quoted Alaeddin Azvaji as saying that the subsidy reform plan and the global sanctions have had negative effects on the national economy and the domestic production sector, as well.
Reducing the profit rates of bank deposits led to a fall in the number of depositors and so led to the shortage of liquidity for supporting the domestic production sector, he noted.
He put the total value of national production based on the prices of 2000 at some $180 billion, saying that the figure is projected to hit $800 billion by 2025.
Iranian Finance and Economic Affairs Minister, Shamseddin Hosseini, has claimed that the country economy stands at the 17th place in the world, while the International Monetary Fund's data reject his claim, Khabaronline news website reported.
According to the IMF, Iran ranked 25th in terms of GDP in 2010. The country's status will decrease one step based on projections in 2012.
Iran's economic growth rate stood at 5.9 per cent in 2010, placing the country at the 59th position, according to the IMF which has predicted that the country will stand at 166th place in 2012.
In terms of per capita income, Iran was in the 70th place in 2010 with 12,722 dollar income. That status will fall to the 73rd in 2012, based on the IMF report.
The inflation rate in Iran was 12.4 per cent in 2010, ranking the country in 11th place among countries with the highest inflation rates. The inflation rate will increase to 21 per cent in 2012, which will raise Iran's position to 7th place.
In August 2011, the International Monetary Fund gave a rosy portrayal of Iran's economy, saying it grew by 3.2 per cent in 2011, surprising analysts who contend that the economy is shrinking because of the global sanctions against the Islamic Republic.