December 2, 2023

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IMF forecasts higher economic growth for Iran in 2020

“The COVID-19 pandemic is inflicting high and rising human costs worldwide. Protecting lives and allowing health care systems to cope have required isolation, lockdowns, and widespread closures to slow the spread of the virus. The health crisis is therefore having a severe impact on economic activity. As a result of the pandemic, the global economy is projected to contract sharply by –3 percent in 2020, much worse than during the 2008–09 financial crisis,” the report’s introduction said.

Based on IMF report, despite wide global crisis, Iran’s economic growth will improve in 2020 despite spread of coronavirus. The international body predicts that Iran’s economic growth in 2020 will stand at -6 while the figure for 2019 was -7.6.

It is also projected that Iran’s economy will be on a positive track after the current year, as its economic growth will hit 3.1 percent in 2021, the report said.

IMF also predicted Iran’s inflation rate would reach 34.2 percent, showing a considerable decline compared to the 41.1 percent for the year earlier. The figure will reach 33.5 percent in 2021.

Despite negativity of Iran’s economic growth in 2020, IMF predicted that Iran’s economy would improve in the current year in 2020 as compared to a year earlier.

As per the same report, Iran’s trade balance was -1 in 2019 and will decline to -4.1 in 2020, but it will raise to -3.4 percent in 2021. Unemployment rate which stood at 13.6 percent last year will stand at 16.3 percent this year.


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