IMF predicts 4-4.5% rise in Iran’s GDP

TEHRAN (Tasnim) – A senior official with the International Monetary Fund (IMF) said Iran’s GDP is expected to witness a 4-4.5 percent rise following an increase in the country’s oil revenues.

“Higher oil exports, along with lower costs of trade and financial transactions, as Iranian banks reconnect to the international financial system, would help support the economy, with real GDP growth projected at 4 –4.5 percent over the medium term,” David Lipton, who is currently in Tehran, said on Tuesday, Sputnik reported.

Heading a delegation of IMF economic experts, Lipton arrived in the Iranian capital on Sunday to exchange views with a number of high-ranking Iranian officials on economic issues.

He added that the implementation of a recent nuclear deal between Tehran and world powers will give the Islamic Republic an economic boom.

A host of Western sanctions against Tehran had caused Iran’s crude production to drop by about one million barrels a day in recent years.

But the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), terminated all nuclear-related sanctions on Iran when it took effect on January 16.

The JCPOA has reopened the doors of foreign investment to the country’s market and prepared the ground for a much-anticipated economic boom.