Iran's economy plunged 57%, and an official talks about "misunderstanding"
Shafaq News/ The head of the Iranian Chamber of Commerce, Gholamhossein Shafei, revealed on Monday that the economy in his country has declined by 57% five years ago, considering that this is a dangerous indicator.
"The country's gross domestic product, which was 445 billion dollars in 2017, fell to 191 billion dollars last year," Shafei was quoted by the Iranian news agency, "Jwan", as saying.
He added, "This is a serious warning for the future of the Iranian economy and an affirmation of the need to review existing policies and take steps to lift US sanctions," noting that "the drop in GDP led to Iran's ranking among the world's countries in terms of economic size from 26th in 2017 to 51st. ".
He stressed that "the $254 billion drop in Iran's GDP over the past three years indicates the decline in our competitiveness and our share of the global economy, and that the main cause of economic problems is due to misunderstanding."
Shafi'i urged the current government to "remove internal and external obstacles to production, and to base all its decisions and positions on creating a favorable business environment."
According to World Bank figures, Iran's gross domestic product in 2012 was about $600 billion; In other words, the size of the Iranian economy fell last year to a third of 2012.
The Iranian economy suffered many difficulties after the withdrawal of the administration of former US President Donald Trump from the nuclear agreement in May 2018, concluded by his predecessor Barack Obama in 2015, which aimed to tighten control over nuclear activities and lift sanctions on Iran.
With the economic and living crisis and the collapse of the local currency, Iranian cities witnessed massive protests in 2018, but the most intense was in mid-November of 2019 after the decision of the government of former President Hassan Rouhani to triple fuel prices, and those protests left hundreds of deaths and thousands of wounded and detainees .
Hassan Rouhani admitted in late December that the sanctions had cost Iran $200 billion in losses.
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