‘Iran growth to outperform MENA states’
Iran’s economic growth will outperform most of the Middle East and North Africa (MENA) countries in 2016 when sanctions are lifted, a Washington-based finance industry body says.
Iran will post a growth increase of about six percent next year up from 1.4%, the Institute of International Finance (IIF) said in a report.
Fifteen MENA countries are expected to record a combined growth of three percent in 2015, down from the average of 4.5% between 2005 and 2014, the IIF said, citing lower oil prices as the reason.
The group touched on Iran’s economic status as the second largest economy of the region. “Iran has the most diversified economy in MENA, before the UAE,” chief IIF economist Garbis Iradian said.
Senior IIF economist Giyas Gokkent said the lifting of sanctions on Iran, combined with the return of foreign expertise, will allow for a rebound of the country’s oil exports to pre-sanctions levels within six months.
Gokkent said over 700,000 barrels of Iranian oil will enter global energy markets by the end of 2015.