World Bank: Iran's economy has shrunk by 16.5% over the past three years

In its latest estimate of the global economy, the World Bank also referred to Iran's economic statistics, saying that the Iranian economy has shrunk by a total of 16.5 percent over the past three years.

The report says that Iran's GDP growth (economic growth) will be negative 3.7 percent this year and positive 1.5 percent next year.

In a previous World Bank report published six months ago, Iran's economic growth was predicted to be negative 5.3 percent for 2019 and positive 2.1 percent for next year.

The report says that all countries in the Middle East and North Africa, except Egypt, faced negative economic growth last year, mainly due to the spread of the coronavirus and the significant drop in oil prices in global markets.

Among these countries, Lebanon has the worst situation, with its economy set to experience negative economic growth for the fourth consecutive year next year, shrinking by 41 percent compared to the previous four years.

The report says that global economic growth was negative 4.3% last year, and is expected to reach positive 4% this year and positive 3.8% in 2022.

Source: Radio Farda