May 28, 2024

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Iran, world’s 22nd large economy based on GDP (PPP): IMF

TEHRAN- The International Monetary Fund (IMF) in its latest report on the countries’ gross domestic product based on purchasing power parity – GDP (PPP)-, ranked Iran the 22nd in the world in 2022, Tasnim news agency reported on Friday.

In this report, the IMF announced the GDP of 193 countries in the world, including Iran, in the previous year.

According to the calculations of this international organization, Iran’s GDP based on the purchasing power parity, has reached $1.596 trillion in 2022, which has increased by $141 billion compared to the preceding year.

With its GDP (PPP) of $1.596 trillion in 2022, Iran has been recognized as the 22nd largest economic power in the world in the past year, according to which Iran’s economy is bigger than the economies of 171 other countries in the world.

Iran’s economy ranks 22nd among 193 countries in the world, while the country is under the most severe sanctions imposed on a country’s economy in history.

The World Bank, in its latest Middle East and North Africa (MENA) Economic Update report, released on April 6, predicted that the Iranian economy grows by two percent in 2023.

The bank in its report titled “Growth Slows for Most MENA Economies Amid Double-Digit Food Inflation”, announced that 15 countries in the MENA region will have lower economic growth in 2023 than the previous year. 

In its latest report on the economic situation of the Middle East and North Africa region, the World Bank has predicted a three percent growth for the region’s economy in 2023.

At the same time, Iran is among the countries that will experience the lowest drop in its economic growth in 2023. The World Bank has predicted that Iran’s economic growth will reach two percent this year. Iran experienced a 2.7 percent growth in its economy in the previous year.

Back in January, the World Bank, in its latest Global Economic Prospects (GEP) report, saw the Iranian economy growing by 2.2 percent in 2023, despite a sharp, long-lasting slowdown in the global economy.

“Our latest forecasts indicate a sharp, long-lasting slowdown, with global growth declining to 1.7 percent in 2023 from 3.0 percent expected just six months ago,” the report read.

Following the global economy, the Islamic Republic of Iran’s economic growth in 2023 was also revised down by 0.5 percentage points, to 2.2 percent, on account of slower growth in key trading partners.

Based on the report, the deterioration in the global economy is broad-based in virtually all regions of the world in the current year, and per-capita income growth will be slower than it was during the decade before COVID-19.

MA

Original News : https://www.tehrantimes.com/news/483616/Iran-world-s-22nd-large-economy-based-on-GDP-PPP-IMF