WB forecasts 5.8% economic growth for Iran in 2016

YEREVAN, JANUARY 9, ARMENPRESS. The World Bank has forecast a major growth rate of 5.8 percent for the Iranian economy in 2016 as the country starts to benefit from the economic gains that the removal of multiple year sanctions is expected to bring about. The WB says Iran’s economic growth will be specifically encouraged by an expected rapid rise in its oil production after the removal of sanctions that have so far banned big oil companies to take their technology as well as their funds to develop the Iranian oil fields. The Bank says it expects Iran’s oil production to increase by an estimated 0.5–0.7 million barrels per day.

The WB in its report titled “Global Economic Prospects: Spillovers and Weak Growth” says the potential increase in capital inflows in the post-sanctions environment will also boost the Iranian natural gas production. That, together with the much-anticipated release of Iran’s frozen assets will give a further push to the progress of the Iranian economy.“A rebounding Iranian economy will affect neighboring countries within the Middle East and North Africa to varying degrees,” “Armenpress” reports, citing Iranian “IRNA” agency, the report added.