Iran’s Economic Growth to Outperform MENA Countries: IIF
TEHRAN (Tasnim) – Iran's economic growth will outperform most of the Middle East and North Africa (MENA) countries in 2016 after removal of anti-Tehran sanctions, according to a Washington-based global banks association, Institute of International Finance (IIF).
Due to the slump of oil prices, 15 MENA countries would post a combined growth of three percent in 2015, down from the average of 4.5 percent from 2005 to 2014, the IIF said, Xinhua reported on Monday.
Few countries would grow stronger in 2016, but Iran would stand out with an expected growth increase from 1.4 percent to nearly six percent next year, it said.
According to Dr. Garbis Iradian, chief IIF economist in Middle East and Africa, Iran has already benefited from a partial lifting of sanctions following its nuclear agreement with six world powers.
"Iran emerged as the region's second largest economy behind Saudi Arabia and ahead of the UAE," explained Iradian, as "Iran has the most diversified economy in MENA, before the UAE."
The IIF said the lifting of economic sanctions on Iran would allow for a rebound in oil exports to pre-sanctions levels within six months.
The IIF, founded in 1983, is a global association of financial institutions with close to 500 members from 70 countries and regions.
Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany- also known as P5+1 or E3+3) on July 14 reached a conclusion over the text of a comprehensive 159-page deal on Tehran’s nuclear energy program.
The deal, also known as the Joint Comprehensive Plan of Action (JCPOA), would terminate all nuclear-related sanctions imposed on Iran after coming into force.
