Word Bank downs Iran’s GDP growth estimation

Baku, Azerbaijan, June 5

By Dalga Khatinoglu – Trend:

World Bank has decreased Iran’s GDP growth for 2017-2019, compared to the previous report, released in January.

According to a report, released by WB on its website on June 5, Iran’s GDP growth is estimated to stand at 4 percent in 2017, 1.2 percent less than the previous estimation.

The figures for 2018 and 2019 are also revised at 4.1 percent and 4.2 percent, about 0.7 percent and 0.3 percent less than January estimations.

“In the Islamic Republic of Iran, the second-largest economy in the region, limited spare capacity in oil production and difficulty in accessing finance are weighing on the country’s growth,” the report said.

WB says the US sanctions on the Islamic Republic of Iran imposed in early 2017 may deter foreign investors’ confidence.

The US imposed two rounds of sanctions on Iran during Donald Trumps’ presidency, blacklisting 23 individuals and companies, charged on participating in Iran’s missile development programs.

2014

2015

2016

Revised %

2017

Revised %

2018

Revised %

2019

Revised %

4.3

-1.8

6.4

1.8

4.0

-1.2

4.1

-0.7

4.2

-0.3

Despite decreasing GDP growth estimations for 2017-2018, WB increased Iran’s GDP growth prediction by 1.8 percent to 6.4 percent in 2016.

The report says food price pressures have further contributed to rising inflation in the

Islamic Republic of Iran, climbing back to double digits (y/y) in March 2017, although still on a declining trend from an annual rate of about 35 percent in 2013.

In total, the GDP growth in Middle East and North Africa (MENA) would stand at 2.2 percent, 2.9 percent and 3.2 percent during 2017-2019, decreasing by 0.9 percent, 0.5 percent and 0.3 percent respectively, compared to the previous estimations, released by WB in January 2017.

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