Iran needs several months to restore economy after sanctions

Business Materials 14 July 2015 17:33 (UTC +04:00)

Baku, Azerbaijan, July 14

By Fatih Karimov - Trend: Iran needs several months to get rid of the effects of sanctions and restore its economy after lifting of the sanctions, said Iran 's Finance and Economic Affair Minister Ali Tayebnia.

"People are exhausted from pressure in recent years and expect economic problems to be removed as quickly as possible," Iran 's Mehr news agency quoted Tayebnia as saying July 14.

"As I have mentioned repeatedly, the national economy is suffering from problems, such as low productivity, with or without sanctions," he noted.

For the time being, no incident has happened in the national economy practically, but expectations have risen sharply, he said.

Iranian parliament speaker Ali Larijani said on June 12 that the international sanctions have affected the national economic problems just 20 to 30 percent.

"The remaining is pertinent to our internal problems," he added.

The International Monetary Fund (IMF) forecast a 0.6 percent gross domestic product (GDP) growth for Iran in 2015 in its April World Economic Outlook.

The IMF report put Iran's GDP growth at 3 percent in 2014, while predicting a 1.3 percent GDP growth for the country in 2016.

A final agreement was reached on Iran's disputed nuclear program in the Austrian city of Vienna on July 14 after some 22 months of talks between Iran and the P5+1 (five permanent members of the UN Security Council plus Germany).

Edited by CN