Iran unable to materialize 8% GDP growth target in short-term
Baku, Azerbaijan, June 29
By Fatih Karimov – Trend:
Iran needs at least $260.8 billion worth of investment per year in order to achieve an economic growth rate of eight percent, Valiollah Afkhamirad, the country’s deputy industry minister, said.
The 8-percent GDP growth is among the economic targets determined by the country’s Supreme Leader Ayatollah Ali Khamenei.
Iran’s administration is not able to realize the target, without private sector and economic activists, Afkhamirad said, Mehr news agency reported June 29.
The country’s financial system cannot provide the investment under the current situation, he said, adding the financial system and investment conditions should be revised in order to realize the economic growth target, which in short-term is hardly possible.
A national roadmap should be prepared for attracting foreign investment and safeguarding security of the capitals, Afkhamirad said.
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.