Iran’s GDP growth estimated at 4% in 2017: WB

TEHRAN TIMES- In its latest report, the World Bank (WB) predicted a four-percent growth for Iran’s gross domestic product (GDP) in 2017.

According to the same report, titled as Global Economic Prospects (June 2017), the forecasted Ian’s GDP growth in 2017 registers a 1.2 percent drop from the GDP growth previously predicted by WB in January 2017.

The country’s GDP growth will stand at 4.1 percent and 4.2 percent in 2018 and 2019, respectively, WB’s June report confirms. The announced figures show a 0.7 percent and 0.3 percent decline, respectively, in comparison with the released figures in WB’s previous report published in January 2017.

 “The Islamic Republic of Iran is seen slowing to a 4 percent rate before accelerating modestly to a 4.1 percent pace in 2018 as limited spare capacity in oil production and difficulty in accessing finance weigh on the country’s growth,” WB’s newest report said.

In June report, the World Bank forecasted that global growth will strengthen to 2.7 percent in 2017 amid a pickup in manufacturing and trade, rising confidence, favorable global financing conditions, and stabilizing commodity prices. Growth in advanced economies is expected to accelerate to 1.9 percent in 2017, a benefit to their trading partners. Growth in emerging market and developing economies will recover to 4.1 percent this year, as obstacles to activity diminish in commodity-exporting countries, the report said.