"Based on economic forecasts, Islamic Republic of Iran's economic growth is expected to continue in the future", the Chief of the Global Economic Monitoring Unit of the Development Policy and Analysis Division (DPAD) in the United Nations Department of Economic and Social Affairs Dawn Holland said.
"Iran's economic growth would not be as much as the previous year but we anticipate a major ,five percents, growth for the country", the UN official added.
"Iran's economic growth depends on different variables such as Oil market, foreign investments and the decrease of unemployment rate among youth which would become a vehicle for labor market growth. Overall, we anticipate a positive economic outcome for Iran", Dawn Holland concluded.
The United Nations reports noted that the economic situation in the Islamic Republic of Iran has improved visibly in recent years. In 2017, GDP growth remained relatively robust at 5.3%, after surging by an estimated 12.5% in 2016 due to a strong expansion of oil production and exports. GDP growth is expected to remain above 5% in 2018 and 2019, supported by easing monetary conditions and an improving external sector.
Iran’s economy took off after the removal of international sanctions over the country’s nuclear energy program in early 2016. The 12.5% growth was made possible, mainly thanks to increased oil output after restrictions on crude sales were lifted as a result of sanctions removal. Government data show Iran’s crude oil production reached 3.8 million barrels per day by the end of the last fiscal year (March 20, 2017) from around 3 million bpd in the previous year.
The most attractive industries for foreign investors in Iran were polymer and chemicals, steel, trade, motor vehicles, mining, plastic and medical devices.
Alborz, Tehran, Khorasan Razavi, Fars, West Azarbaijan, Kerman, Zanjan and Qazvin were the most attractive Iranian provinces for foreign investments.
