In its latest economic report on the Middle East [West Asia] and North Africa (MENA), the World Bank has predicted a 4.1 percent growth for Iran's economy this year.
“Growth in the Islamic Republic of Iran is forecast to maintain a moderate pace at 4.1 percent in 2023, slightly higher from 3.8 percent in 2022,” the latest issue of the World Bank MENA Economic Update (MEU) published on October 5 said.
Among developing oil exporters, real GDP per capita is forecast to grow at 1 percent. At one extreme in this group, growth in real GDP per capita in the Islamic Republic of Iran is forecast at 3.4 percent, a moderate increase from 3.0 percent in 2022.
In the Islamic Republic of Iran, inflation in fiscal year 2023 is forecast to reach 42.6 percent, 4 points lower than 2022.
Based on the mentioned report, the growth of the economies in MENA is expected to fall sharply this year. The region’s gross domestic product (GDP) is forecast to plummet to 1.9 percent in 2023 from six percent in 2022, due to oil production cuts amidst subdued oil prices, tight global financial conditions, and high inflation.