Iran needs $33B for each 1% GDP growth
Tehran, Iran, June 14
By Fatih Karimov - Trend:
Iranian economy needs some $33 billion of investment per year for each one percent of GDP growth, the country's Labor, Cooperatives and Social Welfare Minister Ali Rabiei, said.
Briefing the Iranian MPs in parliament on June 14, Rabiei said that the government's assets are limited, IRNA news agency reported.
Each one percent of GDP growth brings 120,000 jobs, he said, adding the president Hassan Rouhani administration has created 668,000 new jobs despite its limited resources.
He further said that once Rouhani took office in 2013, the government was suffering 56 percent of budget deficit, while the previous administration's revenues surpassed $750 billion in eight years.
The growth of Iran's GDP is projected at 4.7 percent in 2018, according to the World Bank.
In its June 2016 Global Economic Prospects report, the World Bank suggested that Iran's GDP would stand at 4.9 in 2017 and 4.4 in 2016.