World Bank expects Iran’s economy to grow by 2% in 2023

According to a World Bank report on the economic situation in the Middle East released earlier this week, Iran’s gross domestic product (GDP) is expected to increase by 2% this year.

“Because of intensifying economic sanctions, Iran’s growth will likely remain at low levels. As oil prices decline, Iran’s GDP is forecast to grow 2.0 percent in 2023,” said the report.

The World Bank estimated that Iran’s economy had expanded by 2.7% last year while predicting that average growth for developing oil exporters in the Middle East will be around 2.4% in 2024.

However, the report said that the exchange-rate adjusted inflation rate for Iran will continue be at relatively high levels in 2023.

MNA/IRN