May 29, 2023

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Iranian economy to expand 2% in 2023: WB

TEHRAN – 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.


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