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FinancialNews
15-06-21
Iranian economy to grow by 2.1 percent in 2021
(MENAFN)The World Bank’s Global Economic Prospects (GEP) report stated that Iranian economy is estimated to increase by 2.1 percent in 2021 as booming domestic production outweighs the negative effects of the Coronavirus pandemic.
The report further declared that “In the Islamic Republic of Iran, growth is forecast to recover by 2.1 percent in 2021 and 2.2 percent in 2022 with a rebound in industrial production outweighing continued suppressed demand for services due to a high number of COVID-19 cases.”
The Iranian economy surpassed expectations in the last Iranian year, while the country’s industrial and productive sectors improved considerably against all the odds.
The institute added that “The Islamic Republic of Iran avoided an expected contraction in the fiscal year 2020/21, which ended in March, with both the oil and non-oil sectors rebounding in the second half of the year, benefiting from higher oil prices and currency depreciation, respectively.”
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