Iran - Economic overview and Infrastructure Projects Report
Iran's Current Economic Situation
The World Bank’s latest MENA Economic Monitor Report, expects Iran’s growth to rise to 4.2 % and 4.6 % in 2016 and 2017, as a result of the lifting of the sanctions and a more business-oriented environment.
The lifting of nuclear-related sanctions in January 2016 and the strong electoral wins from moderates and reformers in Parliament and Assembly of Experts helped strengthen the hand of the reform-oriented administration of President Hassan Rouhani. The Joint Comprehensive Plan of Action (JCPOA) between Iran and the P5+1 (United States, United Kingdom, France, Russia, China and Germany), laying out the plan for lifting of sanctions on Iran, was signed in July 2015. As a result, as Iran reached Implementation Day on January 16, 2016, materially all nuclear-related sanctions were lifted.
Meanwhile, the February 2016 elections for Parliament and the Assembly of Experts (whose main task is the selection of the Supreme Leader), moderates and reformers saw major gains as prominent conservatives lost ground. These developments, along with a reform-minded government provide a favorable environment for economic reforms. In addition, the context of a new five-year development plan starting March 21, 2016, which targets a rate of annual real GDP growth of 8 %, provides for an optimistic business environment.
Key Economic Indicators
|Real GDP growth (%)||3%||0.5%||4.2%||4.6%|
|Current account (% GDP).||3.8%||-0.6%||-0.4%||1.2%|
|Fiscal balance (% GDP)||-1.2%||-2.7%||-1.8%||-1.0%|
Source:The World Bank
The full 10 page report is available to download for free and includes:
- Iran’s Current Economic Situation
- Key Infrastructure Projects in Iran including a list of the major power projects
Download the report