Iranian economy is projected to grow by 2.4 percent in 2022 as oil production and industrial activity rebound in the country, according to the World Bank’s Global Economic Prospects (GEP) report released earlier this month.
“In the Islamic Republic of Iran, the pandemic’s impact on the services sector was limited and oil production and industrial activity rebounded, minimizing the slowdown in economic growth,” the report stated.
The bank has increased its forecast of Iran’s economic growth by 0.2 percent compared to its previous report published in June 2021.
“Growth in the Islamic Republic of Iran in 2022 has been revised marginally higher with tapering COVID-19 mobility restrictions benefiting the services sector and a gradual recovery in the oil sector,” the report said.
It stated that the Iranian Gross Domestic Product (GDP) is going to register a growth of 2.2 percent in 2023.
In January 2021, the bank had predicted a 1.5 percent GDP growth for Iran in 2021 and a 1.7 percent growth for 2022.
World Bank also sees the global economy grow by 4.1 percent in the current year, expecting it to further slow in 2023.