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12.07.2020

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CBI    42.000     47.462

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219.740  242.498

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World Bank on Iran: No Growth Until 2021

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.   …   …   …