Iran’s economic growth resumes: IMF
Iran’s economy will keep growing in 2020-2023 period, said International Monetary Fund (IMF), IRNA reports.
In its World Economic Outlook (WEO) report, IMF said that Iranian economy will continue growth in the aforementioned period, according to Malaysian media Malay Mail.
However, the growth may be preceded by a shrink era due to possible decrease in oil sales, the WEO reported.
The WEO also said that banning Iran’s oil sales would drop the Middle East and North Africa (MENA) countries’ growth rates by some 1.1 percent below what were predicted earlier in April.
On the other hand, the price of benchmark Brent crude has recently reached a four-year record high of 80 dollars per barrels, which is part of the losses that the oil market would incur besides oil supply shortage, according to economic experts.
On May 8, 2018 the US unilaterally withdrew from the Joint Comprehensive Plan Of Action (JCPOA), also known as Iran nuclear deal, reinstating sanctions against Iran.
The International Court of Justice (ICJ) ordered the US to lift sanctions, following the lawsuit that Iran had filed earlier.