Monday, June 24, 2024

World Bank projects 2.2% economic growth for Iran despite sanctions

The World Bank (WB) has predicted that Iran’s economy will register a 2.2 percent growth in 2023 in spite of tough US sanctions.

In its latest report entitled “Prospects of World Economy”, the World Bank warned that anti-inflationary policies of the central banks in the world in 2023 will considerably reduce the economic growth of countries this year.

The international body has anticipated that the average economic growth of countries will reduce from 3.1 percent in 2022 to 2.1 percent in 2023 as a result of contractionary monetary policies of countries.

Thereupon, the World Bank has decreased its predicted figures of economic growth of many countries in 2023.

Inflation will still remain a problem in the global economy but it is expected that the price of goods will improve with reduced demand.

The reduced economic growth in the world in 2023 will relate to the drop of economic activities in the developed countries.

However, the World Bank, in its evaluation of the economic situation in Iran, expects that Iran will experience a 2.2 percent economic growth in 2023, which is equal to the average economic growth of the Middle East and North African (MENA) countries.

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