Iran, a mountainous, arid, and ethnically diverse country of southwestern asia. Also tehran has iran s largest number of daily newspapers. Irans strengthening economy threatens us, not nukes. Irans economy is characterized by the hydrocarbon sector, agriculture and services sectors, and a noticeable state presence in manufacturing and financial services. Economic indicators for iran including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and shortterm predictions for iran economy.
Iran s economy had received a boost when the united states lifted sanctions in 2015. After two years of successive contraction, recent reports paint a grim outlook for irans economy in 2020. International sanctions and their impacts on irans economy article. In late 2017, a series of antigovernment protests erupted, which focused on a variety of issues, including the compulsory hijab, corruption, and economic hardship. It highlights how oecd countries and partner economies are taking advantage of information and communication technologies icts and the internet to meet their public policy objectives. For example, irans exports rank is higher than please wait. Irans economy is looking ahead to 2017 with both big prospects and hefty challenges in store. Iran economy, politics and gdp growth summary the economist.
Iran has a centrally controlled economy with a large public sector. An overview of digital economy and digital transformation in iran. Mar 17, 2020 no relief from the coronavirus crisis is on the horizon. The regime has transformed iran from a nexus of civilizations into an international pariah. Jul 25, 2017 iran s stock market is up 3 percent in 2017 the countrys top fund that takes foreign investment has soared 12 percent but a banking crisis could derail hope of economic normalcy. After undergoing an oilbased bounce in the economy in 201617, the economy registered a 3.
Iran is a republic in which the president, parliament majles and judicial system share powers reserved to the national government, according to its constitution. The economy of israel is a highly advanced freemarket, primarily knowledgebased economy. Pdf international sanctions and their impacts on irans economy. Tehran is the capital city and the main economic centre of iran.
The heart of the persian empire of antiquity, iran has long played an important role in the region as an imperial power and as a factor in superpower rivalries. Irans economy is crumbling, but collapse is a long way off things will only get worse under trumps sanctions, but china, india, and other countries are still defiantly buying oil. Why digital economy is so important for iran due to this fact that service sector has the main share of irans economy and since service sector in comparing with other sectors such as industry, agriculture, oil is highly ictintensive, therefore ict and consequently digital economy can have the highest impact on improving the. More than half of the growth can be attributed to services which grew by 4. The iraniraq war dealt a devastating blow to the iraqi economy. Jun 20, 2019 iran has a mixed transitional economy that is dominated by gas and oil production industries. It has a large land territory and is centrally located in eurasia and western asia. Apr 07, 2020 iran economic growth in sh 2020, the economy is seen contracting again. It is the worlds eighteenth largest by purchasing power parity ppp. On the production side, the revival of nonoil iran, islamic republic. The iranian economy strongly recovered in v w6, on the back of a significant rise. New project will study development of irans economy. Iran is an energy superpower and the petroleum industry in iran plays an important part in it. May 24, 2017 chairman poe, ranking member keating, members of this distinguished.
Media in category economy of iran the following 75 files are in this category, out of 75 total. National security strategy ii the whole world is lifted by americas renewal and the reemergence of american leadership. Iran economic growth in sh 2020, the economy is seen contracting again. Gdp in 201718, as irans oil production initially slowed in 2018. Even conservative candidates who had once railed against social media used such platforms during the campaign, a demonstration of their political importance in iran.
Iran economy gdp, inflation, cpi and interest rate. Jan 02, 2017 a new research initiative at stanford is bringing together experts to create independent datadriven analysis on the current state of iran s economy and what its future could look like. Data and research on ecommerce including measuring the information economy, internet economy outlook, open internet, openness, key ict indicators, digital economy policy papers. Following an easing of sanctions after the nuclear. Irans conventional military is weak, and its economy, while. Learn more about the iran economy, including the population of iran, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom published.
An overview of digital economy and digital transformation. In february 2016, iran began shipping oil to europe for the first time in three years. Its international isolation is ever more severe, as can be seen in the sharp decline in flights landing in irans two busiest airports. Iran, once persia, is a major player in the middle east.
The economy of iran is a mixed and transition economy with a large public sector. It highlights how oecd countries and partner economies are taking. Dec 09, 2019 the following year, after the deal was implemented, iran s economy bounced back and gdp grew 12. Iran s economy is characterized by the hydrocarbon sector, agriculture and services sectors, and a noticeable state presence in manufacturing and financial services. The iran economic monitor is a product of the world banks global practice for. As the coronavirus pandemic intensifies, iran is in economic meltdown. Israel ranks 22 on the latest report of the uns human development index, which places it in the category of very highly developed, allowing the country to enjoy a higher standard of. The oil refining companies of pars oil, speedy, and behran are based in tehran. The economic devastation caused by the crisis will only increase the anxiety of the iranian people toward the disease and stoke their anger over the way the government has handled it. Following an easing of sanctions after the nuclear treaty of 2015, irans economy was regaining some strength.
It is also a leading center for the sale of carpets and furniture. This page has economic forecasts for iran including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the iran economy. The iran economic monitor provides an update on key economic developments and policies over the past six months. Iranian economy news stories can all be found on the official opposition website here. The biennial oecd digital economy outlook examines and documents evolutions and emerging opportunities and challenges in the digital economy. She argues that economic crises have driven iranian politics. However, growth prospects in the medium term are expected to be modest due to near capacity oil production and weak nonoil sector activity. The outgoing year saw the signing of a historic nuclear pact that lifted the sanctions, unblocked. Conversely, for unemployment and inflation, a lower rank closer to 0% indicates a stronger economy. Evolving menace irans use of cyberenabled economic. Iran share of economic sectors in gross domestic product. It has a wide array of neighbors including turkmenistan. The politics of iran take place in a framework that officially combines elements of theocracy and presidential democracy.
Iran, islamic republic figure 1 islamic republic of iran fiscal outlook figure 2 islamic republic of iran gdp growth decomposition sources. The lifting of most nuclearrelated sanctions under the joint comprehensive plan of action jcpoa in january 2016 sparked a restoration of irans oil production and revenue that drove rapid gdp growth, but economic growth declined in 2017 as oil production plateaued. The iran deal was part of the american strategy to create a balance of power in the region. The december 1979 constitution, and its 1989 amendment, define the political, economic, and social order of the. Irans political economy since the revolution foreign affairs. Congressional research service summary iran sanctions successive administrations have used economic sanctions to try to change irans behavior. Irans economy had received a boost when the united states lifted sanctions in 2015. Stay up to date on all the latest iran business and economic news with ncri. According to the world bank, the gross domestic product gdp in 2015 has reached 393. The information regarding iran on this page is republished from the 2020 world fact book of the united states central intelligence agency and other sources.
The year 2017 has come to an end with iran s economy having witnessed a host of developments, most of which resulted from the removal of international nuclearrelated sanctions against the country. Irans use of cyberenabled economic warfare page 8 february 2014 attack against las vegas sands corporation14 20142015, thamar reservoir cyber espionage and infiltration against middle eastern university. Government insiders, including members of the military and clergy, ran these taxexempt organizations, which are defined under. It is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged in iran. Tehrans presentday modern industries include the manufacturing of automobiles, electronics and electrical equipment, weaponry, textiles, sugar, cement, and chemical products. Iran has the second largest economy in the middle east and east africa region due to the large size of the gas and oil sector in this state. The foreign trade in the russian economy has a smaller, but significant influence on the domestic general economic situation. Jan 11, 2017 tehran the world bank, in its recent report titled global economic prospects, forecasted a 5. Modern iranian culture owes itself in part to a renaissance in the 8th century. Article 44 of the constitution of the islamic republic of iran promulgated 1979, revised 1989 the economy of the islamic republic of iran is to consist of three sectors. The coronavirus epidemic, which has now spread to all parts of iran, will place an additional burden on the flagging economy, as well as on the healthcare system weakened by the impact of sanctions. The contribution of exports will diminish, as spare capacity in the oil sector is utilized and the increase in oil production decelerates. The economy continues to suffer from low levels of investment and declines.
For exports, fdi and gdp measures, a higher rank closer to 100% indicates a stronger economy. To achieve the research objectives, time series data were collected from world bank and seasonal inflation rate, with 5 financial development indicators were used to measure the research variables. Iran has a high development potential and is a member of the next eleven countries n11. It is not in the us interest for iran to gain a lot of power.
The economy of china is the leader among countries in international trade. Maloney covers irans political economy since the fall of the qajar dynasty in 1921, with a heavy emphasis on the years since the iranian revolution of 1979. Those sanctions cracked down on irans oil exports and imposed restrictions on iranian banks that further cut them off from the global banking system, creating a currency crisis and a deep recession in iran. Due to irans isolation from the international financial system, the country has. In 2016, the economy registered a strong oilbased bounce back, with an annual headline growth rate of. Based on data from official statistics of ukraine and russian federation.
Asia irans economy plummets under weight of sanctions. The following year, after the deal was implemented, irans economy bounced back and gdp grew 12. With saudi arabia weakening and iran strengthening, maintaining such a balance will be hard. After one year, the world knows that america is prosperous, america is. Irans economy is crumbling, but collapse is a long way. The fiscal deficit is projected to widen as incomes continue to fall short of the previous years due to lower tax revenues as a result of reduced economic activity and oil exports. No claims are made regarding the accuracy of iran 2020 information contained here. The authorities belated response will also fuel popular anger and a humanitarian crisis. Policy issues congressional research service 1 recent developments the downward pressure on international oil prices associated with the global economic downturn has highlighted vulnerabilities in irans economy. Iran is served by 5 major ports on the persian gulf, the largest being bandar. Six charts that show how hard us sanctions have hit iran. The iranian economy experienced a strong recovery in 2016 as a result of sanctions relief, following a 1. Irans nonoil exports have risen in recent years from 6 percent of gdp in 2012 to 10 percent of gdp in 201718.
Tehran creative arts sector comprises advertising, architecture, art, design, fashion, film, music, performing arts, publishing, software, tv, radio, and video games. The headquarters of most of iran s global media is located in tehran. It examines these economic developments and policies in a longerterm and global context, and assesses their implications for the outlook for the country. Why digital economy is so important for iran due to this fact that service sector has the main share of irans economy and since service sector in comparing with other sectors such as industry, agriculture, oil is highly ictintensive, therefore ict and consequently digital economy can. Oil terminals at abadan and khark island, destroyed or damaged in the war with iraq, have since been rebuilt, as have port facilities at khorramshahr and bandar e khomeyni. It is dominated by oil and gas production, although over 40 industries are directly involved in the tehran stock exchange, one of the best. Iran is the largest economy to return to the global fold since the breakup of the soviet union and similarities include the complexity of the. Iranian authorities and world bank staff calculations. Moreover, the covid19 outbreak will further constrict activity. Mar 25, 2020 this statistic shows the share of economic sectors in iran s gross domestic product gdp in 2017.
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