Massod Mirkazemi, Iran budget chief. FILE PHOTO

Budget Chief Says Iran Will Aim For 8% Growth Despite Sanctions

Friday, 12/03/2021

Iran’s budget planning chief has said that the country will not tie the future of its economy to nuclear talks and will aim for 8 percent growth next year.

Iranian media had reported earlier that budget planners believe Iran can achieve the unprecedented rate of 8 percent economic growth, despite United States sanctions, which have crippled the economy since 2018.

Massoud Mirkazemi, the head of the Planning and Budget Organization, in tweets on Friday confirmed the news, while some economists told media in Iran they have serious doubt about achieving any growth under US sanctions.

Iran’s economic growth has been zero for the past 15 years, as international and US sanctions interrupted its oil exports and global banking relations. Although there were years when there was a positive rate of growth, overall the economy has stalled.

Mirkazemi claimed that non-oil exports increased by 40 percent since the beginning of the Iranian year in March.

Iran’s steel production fell by 15 percent in October, following smaller declines earlier in the year resulting from lack of electricity.

Iran’s method for generating revenues has been a relentless increase in liquidity, which has led to a 50-percent inflation rate and a ninefold drop in the value of the currency.

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