Financial Tribune: The World Banks estimates Iran's economy shrank by 8.7% in 2019 and forecasts GDP growth to be 0% in 2020 and 1% in both 2021 and 2022
The World Bank estimates that Iran's economy shrank 8.7% in 2019 compared to the previous year. The international financial institution's latest estimate in its January 2020 edition of "Global Economic Prospects" has been revised down by 4.2% compared to the June 2019 edition of the report. World Bank's forecasts for Iran's GDP growth are 0% in 2020 and 1% in both 2021 and 2022. The 2020 forecast has been revised down by 0.9% compared to the June 2019 edition of the report. The 2021 forecast indicates no change compared to the previous report.
The report also shows Iran's economy contracted by 4.9% in 2018 after experiencing a 3.8% growth in 2017. The contraction of Iran's economy in 2019 was mainly due to external shocks experienced by the oil and gas sector. The plummeting exports come after the expiration of US waivers temporarily granted to major Iranian oil importers and the tightening of banking restrictions, in addition to new sanctions imposed on the country’s petrochemicals, metals, mining and maritime sectors, the World Bank said in an autumn economic update released on Oct. 9. … … …