Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
White House: The US is monitoring a troubling Serbian military deployment along the border of Kosovo that is causing tensions.
White House: Serbia and Kosovo must fulfill their commitments and avoid taking any provocative steps.
White House spokesperson John Kirby urges Serbia to withdraw its forces from its borders with Kosovo.
Hezbollah condemns terrorist blasts carried out against worshippers in Pakistan.
NATO: Decision to deploy additional forces to address the current situation in Kosovo.
Al Mayadeen correspondent reports more than 50 people were injured when a bomb exploded in the Mastung area of the Pakistani province of Balochistan.
Iranian Intelligence Minister Esmaeil Khatib: The assassinations were scheduled to be carried out on Saturday with the aim of stirring up national and sectarian strifes in the country
Iranian Intelligence Minister Esmaeil Khatib: A series of attempts to assassinate a number of Sunni scholars, judges, and IRGC officers was thwarted
Twin shootings in Rotterdam led to multiple deaths: Dutch police
Dutch Police: Rotterdam shooter arrested

World Bank expects Iran’s economy to grow by 2.2% in 2023

  • By Al Mayadeen English
  • Source: News websites
  • 11 Jun 2023 10:41
  • x

The World Bank expects Iran to challenge the US sanctions by expanding its economic growth.

  • In this June 26, 2018, file photo pedestrians and motorists move past a construction building as they are reflected on an advertisement billboard at the Central Business District in Beijing. (AP)
    In this June 26, 2018, file photo pedestrians and motorists move past a construction building as they are reflected on an advertisement billboard at the Central Business District in Beijing. (AP)

The World Bank expects a 2.2% expansion in Iran's economy this year, despite the continued pressure of the US sanctions on the country's economy. 

The World Bank's latest Global Economic Prospects report included tables showing that the development lender had revised its January growth outlook for Iran in 2023 from 0.0% to 2.2%. The organization forecasted that real global gross domestic product (GDP) is set to climb 2.1% this year.

The tables demonstrated that Iran’s GDP had expanded by 2.9% in 2022, down from 4.7% reported in the year before but up from a 2021 GDP growth of 1.9%. Moreover, the quarterly report indicated that Iran’s economic growth will decelerate to 2% in 2024 and to 1.9% in 2025, also indicating that Iran’s quarterly growth rate peaked at 4.7% in December last year.

The figures are consistent with statements by Iranian government authorities in recent months suggesting that the country has fully recovered from the impacts of US sanctions on its economy.

The US imposed what was described by economic experts as a series of crippling sanctions on Iran in 2018, after the withdrawal from the country's nuclear program. Over the years, the sanctions have been tightened with the aim of forcing Iran into concessions on its foreign policy and defense activities. 

Related News

World Bank: Israeli restrictions have dire impacts on Palestinians

G77 draft statement rejects coercive measures against Global South

Read next: Iran lithium field discovery to change balance of power: Israeli media

Last year, the World Bank expected in an economic report covering the MENA region that the Iranian economy will grow in 2022 by 2.9% while the "average growth for developing oil exporters is expected to fall back to 2.7 percent,” according to the report.

The report, titled “A New State of Mind: Greater Transparency and Accountability in the Middle East and North Africa” stated that it is expected that the account balance of Iran will reach 3.8% of GDP in 2022, an improvement from the previous year of 3.5%. 

The report added that due to the significant increase in oil prices, most MENA countries (considered oil/gas producers and exporters) were expected to achieve 5.5% economic growth in 2022, as West Asia and North Africa back in 2021 reached a 3.6% economic growth.

The highest economic growth to be experienced in the MENA region in 2022 was expected to be in Kuwait, according to the World Bank, which predicted that the country would reach a full 8.5% growth, while Morocco was set to experience the lowest growth of 1.2%.

Read next: Iran to have access to $6.7 billion of its IMF funds

  • World Bank
  • United States
  • us sanctions
  • Iran

Most Read

Russia destroyed leopard tank in Ukraine with fully-German crew

Russia destroyed leopard tank in Ukraine with fully-German crew

  • Europe
  • 23 Sep 2023
Blinken’s ‘Variable Geometry’ for a New Cold War

Blinken’s ‘Variable Geometry’ for a New Cold War

  • Analysis
  • 24 Sep 2023
BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
Zelensky joins Canadian Parliament’s ovation to WWII Nazi soldier

Zelensky joins Canadian Parliament’s ovation to WWII Nazi soldier

  • US & Canada
  • 25 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
BBC to restrict top hosts' social media usage
Europe

BBC to restrict hosts' social media for chiding anti-migration remarks

Germany, 'Israel'
Europe

Germany signs 'historic' deal to acquire Israeli-made Arrow 3 system

Secretary of State Antony Blinken speaks during a media briefing at the State Department, Tuesday, Aug. 15, 2023, in Washington. (AP)
Europe

'Never say never': Blinken on Biden-Putin meeting in the future

Plastic found in clouds may contaminate everything we consume
US & Canada

Microplastics in clouds cause 'plastic rainfall', infect everything

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS