World Bank: Iran’s Economy Contracted by 16.5% Over the Past Three Years

The World Bank in its latest assessment of the global economy has also referred to Iran’s economic statistics, stating that Iran’s economy has contracted by a total of 16.5% over the past three years.

The report states that Iran’s gross domestic product growth (economic growth) this year will be negative 3.7% and next year will be positive 1.5%.

In the World Bank’s previous report, which was released six months ago, Iran’s economic growth for 2020 was predicted to be negative 5.3% and for next year positive 2.1%.

The report states that all Middle Eastern and North African countries, except Egypt, experienced negative economic growth during the past year, with the main reason being the spread of coronavirus and a sharp decline in oil prices in global markets.

Among these countries, Lebanon has the worst situation, expected to have negative economic growth for the fourth consecutive year next year, with its economy contracting by 41% compared to the past four years.

The report states that global economic growth in the past year was negative 4.3%, and the current year is expected to reach positive 4%, and in 2022 to reach positive 3.8%.

Source: Radio Farda