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World Bank says Iran economic recovery to expedite in 2016

11 August 2015 9:30

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The World Bank says it expects the removal of sanctions against Iran to expedite the country’s economic growth next year.

The World Bank says Iran’s economic growth will surge to about five percent next year from three percent this year after the sanctions are lifted.

It has announced in a statement that it sees Iran’s capacity to export more oil as speeding its economic recovery.

“Just as the tightening of sanctions in 2012 led to a sharp decline in Iran’s oil exports and two years of negative growth, we expect the removal of sanctions to boost exports and revive the economy,” said Shanta Devarajan, World Bank Chief Economist for the Middle East and North Africa region.

Iran’s cost of doing trade will also fall, increasing not just the volume but the value of its oil trade and non-oil trade.

The World Bank’s report estimates that exports from Iran will eventually increase, too, by about $17 billion, which is about 3.5 percent of its GDP.

Britain, China, India, Turkey and Saudi Arabia are among the countries most likely to see the largest rise in post-sanctions trade with Iran, the World Bank said, as reported by the Economic Times of India.

Foreign direct investment may increase to about $3 billion a year, double the current rate but still lower than its peak in 2003.

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