Iran's economy is expected to shrink for the second consecutive year and in...
DUBAI - Iran’s economy is expected to shrink for the second consecutive year and inflation could reach 40 percent, an International Monetary Fund senior official said, as the country copes with the impact of tighter sanctions imposed by the United States.
Iran’s economy shrank by 3.9 percent last year, according to IMF estimates, and is expected to shrink by 6 percent in 2019, Jihad Azour, director of the IMF’s Middle East and Central Asia department, told Reuters adding, however, that the projection preceded the latest elimination of waivers. The Iranian currency, the rial, lost more than 60 percent last year, disrupting Iran’s foreign trade and boosting annual inflation.
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