Iran expects highest regional growth next year

/By AzerNews/

By Sara Rajabova

The Islamic Republic, which is impatiently looking forward the removal of international sanctions, has said it will reach highest regional growth in the coming year.

Ali Tayyeb-Nia, Iran’s economic and finance minister said based on international economic forecasts, next year Iran is going to herald the highest economic growth across the region extending from north of Africa to the Middle East, IRNA news agency reported.

Tayyeb-Nia said the international experts foresee a bright future for Iran's economy.

Following the removal of sanctions, Iran will be able to enjoy new possibilities and access to foreign resources that were inaccessible due to the sanctions.

Tayyeb-Nia said this will open up possibilities for the Islamic Republic to export more oil and at the same time sell its oil in advance.

He also added that the removal of sanctions will also boost Iran's banking, insurance and shipping sectors.

All these factors will surely have positive and meaningful effects on Iran's economic growth and they will help us better deal with inflation and recession.

The country has already observed the economic improvement after the lifting of some prohibitions imposed earlier against the country.

The Iranian government could decrease high-level inflation and unemployment in the country for a short period of time.

Iran's Statistics Center has recently announced that the inflation rate in Iran's urban areas for the 12-month period to the eighth Iranian calendar month of Aban (ended on November 22) hit 13.1 percent, 0.2 percent less compared to the preceding month.

The country's point-to-point inflation in the mentioned month also decreased by 0.1 percent to 10.8 percent.

The inflation rate in Iran in 2005 was about 10.4 percent, but in mid-2013, when Iranian president Hassan Rouhani came to power, the inflation rate and point-to-point inflation rate were 37.5 percent and 44 percent, respectively.

Rouhani has promised to decrease the inflation rate to 5 percent by 2017.

The government also expects around five percent economic growth in 2016. The nuclear agreement with world powers will allow Iran to restore crude oil exports, attract foreign investment, and establish economic links with the world.

Since coming to office in 2013, the administration of President Hassan Rouhani has ridden out recession and presided over a growth rate of about three percent by following a tight monetary and fiscal policy.