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%.

 

From Colonialism to Corporate Imperialism

At the age of 61 and having written over 2.5 words, this morning I sat down to review my work. Just the other day in one of my blogs I termed Abu Bakr Al-Baghdadi, the new Lawrence of Arabia. I spent a few hours in searching what the world is saying about him, his vision and mission and modus operandi. This search further consolidated my perception. Therefore I sat down to pen what I have witnessed over the years, especially during the last four decades.

I joined Institute of Business Administration (IBA) Karachi in 1973. This is the premier Business School established in Pakistan with the financial assistance and curriculum guidelines provided by one of the leading Business Schools of United States. My first employment was with a corporate having majority stake from United States also. My second job was with a group that was one of the top 25 richest families as described by the then Prime Minister Zufikar Ali Bhutto. Subsequently, I set up my own business but faced virtual bankruptcy due to the worst linguistic riots in Karachi during 1986-92. During this turmoil period I started contributing articles in local media as economic analyst.  Since then I have graduated from economic/financial analyst to commentator on political economy and geopolitics. During this quarter of a century, the key sectors in focus have been textiles and clothing, energy, commercial banks, fertilizer and country’s economy, its relationship with multilateral lenders, global mergers and acquisitions and their impact on local corporate sector. Another key area of interest has been ongoing privatization in the country that began in early nineties.

In my life I have witnessed three wars between Pakistan and India and conversion of eastern part of the country into Bangladesh. In Middle East expansion of Israel through occupation of parts of Arab countries and Arabs realizing power of crude oil. Islamic revolution in Iran and since then the country faced economic sanctions. Iraq’s attack on Iran and a decade long war financed by Kuwait and Saudi Arabia. Iraq’s attack on Kuwait, 9/11 incidenent, US attack on Iraq and Afghanistan, toppling of regimes in Iraq and Libya and proliferation of Islamic militant groups. If Taliban were accused for buying arms from drug money ISIL is also alleged for acquiring arms in exchange for stolen oil from Iraqi fields and selling it in the global markets.

As regards the corporate sector, there has been a shift in paradigm, slogan changing to optimizing profit from maximizing profit. Mergers and acquisitions are creating ever stronger conglomerates classified under Fortune-500 and Fortune-50 companies. It is often alleged that these companies own 90 percent of global wealth directly or indirectly. These entities are also alleged for playing a major role in installing and toppling of governments in least developed and even developing countries.

People living in South Asia, particularly areas now comprising, India, Pakistan and Bangladesh are familiar with East India Company becoming a monster, end of more than 700 years rule of Mughals, 1957 massacre of Muslims and Indian subcontinent becoming part of British Raj. It may also be kept in mind that Britain was not alone; other countries establishing their colonies included France, Portugal and Holland. The two World Wars were also for attaining supremacy and the alliance of big powers created UNO, to protect their vested interest by retaining the veto power with them. They also created World Bank and IMF to control economic policies of the developing countries and keep them perennially dependent on them.

Developed world after having achieved food security also started working on achieving control on energy products. This point had become obvious in mid sixties after a war in the Middle East that only those countries will enjoy power that have control on fossil oil and gas reserves. Multinational exploration and production companies now have virtual control on these reserves, not the countries where these reserves are located. Crude oil prices are driven by hedge funds and not demand and supply. The worst victims of ‘ongoing energy war’ are Iraq, Iran, Libya and Nigeria. If economic sanctions were imposed on Iran to curb its oil export, Libyan and stolen Iraqi oil is being sold in the global markets by groups enjoying support of Zionists.

Ironically Muslim countries are the worst victim of ‘divide and rule’ legacy of colonial era. They have been divided into sects and sub-sects. Though, there is interfaith harmony to a large extent, Western media, under the control of Zionists, is constantly talking about Shia-Sunni war. The simultaneous emergence of ISIL and Israeli attack on Gaza are part of the grand agenda to render Muslims powerless, through financial assassination. Muslims don’t need leaders propagating killing but reformist talking about interfaith harmony. They must learn to distinguish between friend and foe or get ready for their elimination because only the hypocrite will perpetuate.