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WB: Iran GDP to near 6% in 2016

WB: Iran GDP to near 6% in 2016

Date: 10 January 2016 09:37

Baku, Azerbaijan, Jan. 8

By Khalid Kazimov – Trend:

World Bank reported that Iran's GDP is expected to stand at 1.9 percent in 2015 and increase to 5.8 percent in 2016.

According to the report released on Jan. 8, removal of sanctions following the implementation of the Iran nuclear agreement could increase Iranian oil exports by 0.5-0.7 million barrels per day by 2016, nearing the pre-sanctions level of four percent of global consumption.

The report says that Iran’s GDP is expected to reach 6.7 percent in 2017. The release of Iran’s assets, currently frozen overseas due to the sanctions, will also boost the economy.

A rebounding Iranian economy will affect countries in the Middle East and North Africa to varying degrees.

“A rapid rise in Iranian oil production would dampen growth prospects in oil-exporting countries and improve them in oil-importing countries,” the report said.

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