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World Bank expects Iran’s economy to grow by 2.2% in 2023

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
The World Bank expects Iran’s economy to expand by 2.2% in 2023.

The World Bank expects Iran’s economy to expand by 2.2% this year despite continued pressure of the US sanctions on the country’s economy.

Tables published in the World Bank’s latest Global Economic Prospects report showed that the development lender had revised up its January growth outlook for Iran in 2023 from 0.0% to 2.2%.  

The World Bank forecasted that real global gross domestic product (GDP) is set to climb 2.1% this year.

The tables showed that Iran’s GDP had expanded by 2.9% in 2022, down from 4.7% reported in the year before but up from a 2021 GDP growth of 1.9%.

The quarterly report indicated that Iran’s economic growth will decelerate to 2% in 2024 and to 1.9% in 2025.

Figures in the report also indicated that Iran’s quarterly growth rate had peaked at 4.7% in December last year.

The figures are consistent with statements by Iranian government authorities in recent months suggesting that the country has fully recovered from the impacts of US sanctions on its economy.

The United States imposed what economic experts describe as a series of crippling sanctions on Iran in 2018 after withdrawing from an international accord on the country’s nuclear program.

The sanctions have been tightened over the past years with the aim of forcing Iran into concessions on its foreign policy and defense activities.

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