World Bank: Iran successful in curbing inflation, stabilizing forex market
The World Bank said Iran’s economy has continued to grow for the fourth consecutive year, highlighting the success of the Iranian administration in curbing inflation and stabilizing the foreign currency market.
In a new report, the World Bank said the country will continue to experience stable economic growth in the current Iranian year ending on March 19, 2024, IRNA reported.
The Islamic Republic’s economy achieved an average growth rate of 3.8% last year, mainly because of the services and industry sectors, it said.
Both exports and imports increased this year, and strong investment in the machinery sector led to growth in investment figures, the report added.
The World Bank also predicted that the growth of Iran’s GDP will continue in the medium term, and the increase in oil production and exports will act as one of the factors of growth during this period.
Iran’s parliament has already come up with a plan to reduce the dependence of the economy on the dollar and pivot to national currencies in foreign trade.
Currently, with the American power deemed to be fading, and many countries pushing to remove the dollar from their economic exchanges, there is a salient need and a fertile ground to put an end to the monopoly of the dollar in cooperation with countries such as China, Russia, and Saudi Arabia.