The latest IMF data show Iran’s economy achieved positive economic growth in 2020.
The International Monetary Fund (IMF) has revised its analysis of the economic situation in Iran in 2020 as its latest estimates suggest that the country recorded a positive economic growth last year despite grappling with US sanctions and the impacts of the coronavirus pandemic.
The IMF released its latest World Economic Outlook on Tuesday in which it revised up its estimate of growth in Iran’s gross domestic product (GDP) in 2020 to 1.5%, up from a negative growth of minus 5% reported for the same period in a previous analysis.
The Outlook, released at the start of the IMF’s and World Bank’s spring meetings, predicted that Iran’s GDP will continue to expand this year by 2.5%, down from the IMF’s previous forecast of 3.2%.
The latest data proves estimates provided by the Central Bank of Iran earlier this year which showed the economy had achieved a positive growth in the three ending quarters of the calendar year to March 20 both with and without oil revenues.
That comes as Iran has seen its crude revenues significantly reduced in recent years because of US bans on the country’s sale of oil.