World Bank revises Iran’s 2021 GDP growth rate up from 1% to 3.1%

The World Bank Group building is seen on October 11, 2021 in Washington, DC. (photo by AFP)

The World Bank has revised its estimate of Iran’s economic growth for 2021 upwards, as figures provided in the Bank’s latest report show that Iran’s gross domestic product (GDP) grew by 3. 1% last year.

Charts provided in the World Economic Prospects report released on Sunday showed that Iran’s real GDP growth in 2021 was 1% higher than forecast provided by the World Bank in June last year.

Iran’s GDP had grown by 3.4% in 2020 after a significant 6.8% contraction reported in 2019, mainly caused by US sanctions on the country’s crude oil exports.

The GDP growth for two consecutive years comes despite Washington tightening sanctions on Iran last year as the country grappled with one of the biggest coronavirus outbreaks in the Middle East.

The figures confirm earlier reports from Iranian economic authorities suggesting the country has technically emerged from the dual impact of US sanctions and the pandemic.

Iran recorded higher GDP growth last year than Saudi Arabia, according to the latest World Bank report which showed the world’s largest oil exporter had a GDP growth of 2.4 % in 2021.

Iran’s economic growth was comparable to a regional average of 3.1 percent reported for the Middle East and North Africa, the report said.

The report revised its growth forecast for Iran for 2022 up from 0.2% to 2.4% while revising the country’s GDP forecast for 2023 down from 0.1% to 2.2. %.

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