The International Monetary Fund (IMF) has increased its outlook of economic growth in Iran for 2024, attributing it to a surge in the country’s oil production.

According to The Iran Project,In its latest report on Iran published on February 22, the IMF predicted a 3.7% economic growth for the country in 2024, which is higher than the previously expected figure, according to a report by the IRNA on Sunday.

In its previous report, which was released in October 2023, the IMF had predicted a 2.5% economic growth for Iran in 2024.

The financial agency has attributed the growth in the economic outlook to a surge in Iran’s oil production, which it said surpassed 2.7 million barrels per day so far in 2024.   

Also according to the IMF statistics, Iran’s economy grew 5.4% in 2023, much higher than the 3-percent growth predicted for that year.