Page 5 - IRANRptSep20
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building up have not gone away.
The World Bank’s Global Economic Prospects report released on June 8 said that Iran will likely have to reckon with a GDP contraction of 5.3% in 2020, partly reflecting the effects of its large-scale coronavirus (COVID-19) outbreak on domestic consumption and the services sectors.
According to the IMF’s World Economic Outlook released on April 14, Iran will this year suffer a GDP contraction of 6%. Warning that the “Great Lockdown” brought about around the world by the coronavirus (COVID-19) pandemic would cause the worst recession experienced internationally since the Great Depression of the 1930s, the IMF said Iran was inevitably in for another tough year following last year’s estimated 7.6% decline in economic output, although it added that the country might achieve growth of 3.1% in 2021.
The IMF projected the Iranian economy to endure consumer price inflation of 34.2% and 33.5% this year and next year, respectively. Last year, the rate was an estimated 41.1%.
For Iran’s current account balance across 2019, 2020 and 2021, the IMF gave estimated figures of -0.1%, -4.1% and -3.4% of GDP, respectively.
For Iran’s unemployment rates across 2019, 2020 and 2021, the IMF estimated 13.6%, 16.3% and 16.7% of GDP, respectively.
On the political front, Iran's constitutional watchdog on August 24 earmarked June 18 as the date for the country's next presidential election. The vote will choose the successor to President Hassan Rouhani who will have served two consecutive four-year terms in office, the maximum allowed under law.
5 IRAN Country Report September 2020 www.intellinews.com
