The WB report shows that the Islamic country’s economy experienced sustained growth over the past four years, despite the continuation of economic sanctions and the intensification of geopolitical uncertainties. Although, the boom in oil sector contributed to this growth, the non-oil sector, especially services and industry, were also the main engine of economic growth.
The production sector shifted towards meeting domestic requirements, and this endeavor helped the country neutralize the effects of financial and trade sanctions and the limited access to foreign exchange resources, the report emphasized.
According to the report, the employment sector has also recently reached pre-COVID-19 pandemic levels, and the new fiscal policies eased the impact of external shocks on the living standards of vulnerable groups and contributed to the sustainable growth of the Iranian economy.
The report also explained that Iran’s economic growth in the first half of 2023-2024 reached 5.1%, adding that the value added of the oil sector reached 17.1% due to the success of the Raisi administration in marketing for exports, and that the non-oil sector also experienced strong growth of 3.8%, and job creation grew by 2.9%.
It is expected that economic growth of the Islamic Republic will reach 2.8% in 2024-2025 and 2025-2026, according to the report.
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