10 Hrs
Source:
الاقتصادية
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Iran's inflation nears 1980 high
The International Monetary Fund (IMF) anticipates that Iran's economy will experience a significant increase in inflation this year, reaching 78.6%, the highest level since 1980, due to deteriorating economic conditions resulting from the war and a one-third drop in exports. The IMF also expects non-oil GDP to contract by 6%, oil revenues to decrease by 25.8%, and the overall Gross Domestic Product (GDP) to decline by 7.6%. Financial resources in Iran are under increasing pressure, with exports of goods and services projected to fall by 38%. Inflation rates in the Iranian rial— which has lost about two-thirds of its value since the start of the war—are rising, with the currency falling from approximately 1.75 million rials per dollar to around 2.65 million rials. Nevertheless, the Governor of Iran's Central Bank dismisses these forecasts as "illusions" and affirms that his country continues to engage with its financial partners. The government is also attempting to compensate for lost oil revenues through the sale of state assets and energy subsidy reforms, amid expectations that inflation will reach 42% by 2027, with economic growth slowing down.
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