Iran economy to grow at more than 2% in 2023

World Bank in its latest report dubbed “Global Economic Prospects” has estimated a 2.2% growth for Iran's economy in 2023, a figure which is higher than the average growth forecast for the global economy and despite the fact that the country is still under sanctions imposed by the United States.

The Bank has predicted that due to the contractionary monetary policy adopted by many countries this year, the average economic growth in the world is expected to decrease to 2.1% in 2023, from 3.1% in 2022.

Based on the Report, Iran’s Gross Domestic Product (GDP) grew by 4.7% in the last quarter of the previous year, while the average GDP growth for most of the advanced countries like the US, China and many European countries was less than the said figure.

In terms of economic growth, Iran ranked 15th among the world’s 72 major economies in Q42022, which means that only 14 countries had higher economic growth than Iran in this period.

Iran's 4.7% GDP growth in Q4 2022 was achieved, while the average economic growth of developed countries was only 1.2 percent in this period.

The US economy grew by only 0.9% in the mentioned period, the Eurozone by 1.8% and Japan by 0.4%.

China’s economy also grew by 2.9% and India registered a 4.5% economic growth in this period. The average economic growth for West Asia and North Africa region was estimated at 4.9% in the last quarter of 2022.

According to the data, Iran's economy had experienced a 2.9% growth in 2022; the average growth rate in West Asia and North African economies in 2022 was 5.9%.