A major reason for this are the new sanctions imposed by Washington in 2018
Hurt by tighter U.S. sanctions, Iran - a key member of the Organization of the Petroleum Exporting Countries (OPEC) - is expected to have a fiscal deficit of 4.5% this year and 5.1% next year, the International Monetary Fund said in a report on Monday.
On Friday, international benchmark Brent crude closed trading at just above $62 a barrel.
Iran saw its oil revenues surge after a 2015 nuclear pact agreed with six major powers ended a sanctions regime imposed three years earlier over its disputed nuclear program.
But new sanctions brought in after U.S. President Donald Trump withdrew from that deal in 2018 are the most painful imposed by Washington.
Iran’s economy is expected to shrink by 9.5% this year, compared to a prior estimate of a 6% contraction, the IMF has said, but real gross domestic product (GDP) growth is expected to be flat next year.
“The estimate is that ... sanctions that were reintroduced last year and tightened this year, next year will not have an additional impact,” Jihad Azour, director of the IMF’s Middle East and Central Asia Department, told Reuters.
The IMF forecast Iran’s exports of goods and services to drop to $60.3 billion this year from $103.2 billion last year, and to fall further to $55.5 billion in 2020.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Severity: Warning
Message: count(): Parameter must be an array or an object that implements Countable
Filename: amp/news_details_amp.php
Line Number: 252
Backtrace:
File: /home/smartmarketnews/public_html/application/views/amp/news_details_amp.php
Line: 252
Function: _error_handler
File: /home/smartmarketnews/public_html/application/controllers/Amp_controller.php
Line: 41
Function: view
File: /home/smartmarketnews/public_html/index.php
Line: 315
Function: require_once
Smarter Decisions with Smart News
Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.
media@smartmarketnews.com | sales@smartmarketnews.com
Contact Us