TEHRAN, Iran, June 15
Trend:
The World Bank has estimated a slow recovery for Iran’s economy which would translate into a similarly slow growth in non-oil revenues, Trend reports via the WB's Iran Economic Monitor.
Iran Economic Monitor of World Bank provides an update on key economic developments and policies. Iran Economic Monitor is a product of the World Bank’s Global Practice for Macroeconomics, Trade and Investment (MTI) team.
According to the report, in the first half of 2020/21, oil and non-oil exports contracted by 47 percent and 22 percent, respectively, and imports dropped by 17 percent.
The World Bank believes that the large trade shock due to the COVID-19 pandemic also impacted non-oil exports.
“Total non-oil exports shrank by 17 percent in 2020/21, however, the shock was distributed differently with different trade partners,” the report said.
The Iran Economic Monitor of World Bank said that the non-oil exports to Turkey fell by 50 percent, Iraq by 26 percent, and China and Afghanistan each by 7 percent in 2020/21, while exports to the UAE edged up by 2 percent during the same period.