The World Bank, in its latest Global Economic Prospects (GEP) report released on January 9, said the Iranian economy grew by 4.2 percent in 2023, despite a sharp, long-lasting slowdown in the global economy.
“Growth picked up in the Islamic Republic of Iran, as increases in oil production and exports more than offset weak external non-oil demand,” the report said.
According to the estimates of this international organization, following the global economy, Iran's economic growth is also expected to recede slightly to 3.7 percent in 2024. The Islamic Republic’s GDP growth in 2022 was 3.8 percent.
According to the report, global growth is projected to slow for the third year in a row—from 2.6 percent last year to 2.4 percent in 2024, almost three-quarters of a percentage point below the average of the 2010s. Developing economies are projected to grow just 3.9 percent, more than one percentage point below the average of the previous decade.