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FinancialNews


  • 12-10-19

    Iran's Economy retracts by 8.7 percent in 2019/20

    (MENAFN) According to the World Bank, Iran's economy is anticipated to contract by 8.7% in the financial year 2019/20 mainly due to restrains on its oil and gas industry because of the US retributions.

    Washington's policy of applying 'maximum pressure' on Iran through penalties has torn the country's oil revenues, sent its economy into depression and cheapens its national currency.

    The World Bank said in a regional economic report: 'The expected deterioration in economic growth would mean that by the end of 2019/20 the economy would be 90% of its previous size compared to just two years earlier,'

    MENAFN1210201900450000ID1099115861

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