IMF: Iran Achieved Positive Economic Growth in 2020
TEHRAN (Dispatches) - The International Monetary Fund (IMF) has revised its analysis of the economic situation in Iran in 2020 as its latest estimates suggest that the country recorded a positive economic growth last year despite grappling with U.S. sanctions and the impacts of the coronavirus pandemic.
The IMF released its latest World Economic Outlook in which it revised up its estimate of growth in Iran’s gross domestic product (GDP) in 2020 to 1.5%, up from a negative growth of minus 5% reported for the same period in a previous analysis.
The Outlook, released at the start of the IMF’s and World Bank’s spring meetings, predicted that Iran’s GDP will continue to expand this year by 2.5%, down from the IMF’s previous forecast of 3.2%.
The latest data proves estimates provided by the Central Bank of Iran earlier this year which showed the economy had achieved a positive growth in the three ending quarters of the calendar year to March 20 both with and without oil revenues.
That comes as Iran has seen its crude revenues significantly reduced in recent years because of U.S. bans on the country’s sale of oil.
The country was hit by reduced economic activity last year as a result of the spread of the coronavirus which forced long closures for businesses and industries.
Experts believe U.S. sanctions that were enacted in 2018 gave Iran the opportunity to diversify its economy away from crude.
The country is currently enjoying higher earnings from non-oil exports as key sectors of the economy, including agriculture and manufacturing, keep growing at a record pace.
Iran is speeding up its nationwide inoculation campaign against the coronavirus, raising hopes that the economy will further expand in the months to come.
Iran’s Chief Banker Calls for Fair Performance of IMF, WB
Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati urged the International Monetary Fund (IMF) and the World Bank (WB) to act fairly toward G24 countries.
Hemmati stressed that the IMF and World Bank are expected to fulfill the members’ legal demands, away from any political lobbies and pressures.
"Demands are expected to be met without discrimination and not under the influence of political lobbies,” the official said.
He stressed the need for unbiased support of the IMF and called for inclusive cooperation to transfer the technology of producing drugs for the COVID-19 and the distribution of the drugs needed.
"Presently, what is very vital and important is global cooperation, the transfer of technical know-how for production and possibility of equitable production and distribution of vaccines at reasonable prices,” the official noted.
"IMF and WB have a key role to play in supporting member countries to mitigate the health and economic effects of the pandemic and the various stages of recovery,” he noted.
He underscored that the IMF must have sufficient resources to meet the large financial needs of its members in the incidence of a crisis.
The G24 meeting was chaired by Hemmati in the presence of the heads of the IMF and the WB, and the heads of the central banks of member states.
The IMF released its latest World Economic Outlook in which it revised up its estimate of growth in Iran’s gross domestic product (GDP) in 2020 to 1.5%, up from a negative growth of minus 5% reported for the same period in a previous analysis.
The Outlook, released at the start of the IMF’s and World Bank’s spring meetings, predicted that Iran’s GDP will continue to expand this year by 2.5%, down from the IMF’s previous forecast of 3.2%.
The latest data proves estimates provided by the Central Bank of Iran earlier this year which showed the economy had achieved a positive growth in the three ending quarters of the calendar year to March 20 both with and without oil revenues.
That comes as Iran has seen its crude revenues significantly reduced in recent years because of U.S. bans on the country’s sale of oil.
The country was hit by reduced economic activity last year as a result of the spread of the coronavirus which forced long closures for businesses and industries.
Experts believe U.S. sanctions that were enacted in 2018 gave Iran the opportunity to diversify its economy away from crude.
The country is currently enjoying higher earnings from non-oil exports as key sectors of the economy, including agriculture and manufacturing, keep growing at a record pace.
Iran is speeding up its nationwide inoculation campaign against the coronavirus, raising hopes that the economy will further expand in the months to come.
Iran’s Chief Banker Calls for Fair Performance of IMF, WB
Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati urged the International Monetary Fund (IMF) and the World Bank (WB) to act fairly toward G24 countries.
Hemmati stressed that the IMF and World Bank are expected to fulfill the members’ legal demands, away from any political lobbies and pressures.
"Demands are expected to be met without discrimination and not under the influence of political lobbies,” the official said.
He stressed the need for unbiased support of the IMF and called for inclusive cooperation to transfer the technology of producing drugs for the COVID-19 and the distribution of the drugs needed.
"Presently, what is very vital and important is global cooperation, the transfer of technical know-how for production and possibility of equitable production and distribution of vaccines at reasonable prices,” the official noted.
"IMF and WB have a key role to play in supporting member countries to mitigate the health and economic effects of the pandemic and the various stages of recovery,” he noted.
He underscored that the IMF must have sufficient resources to meet the large financial needs of its members in the incidence of a crisis.
The G24 meeting was chaired by Hemmati in the presence of the heads of the IMF and the WB, and the heads of the central banks of member states.