6%-economic growth anticipated: Advisor

EghtesadOnline: Economic Advisor to President Hassan Rouhani Masoud Nili said that the country was suffering from low growth rather than economic depression but expected the nation would experience 5-6 percent economic growth this year (to end March 2017).

News ID: ۷۳۷۳۷۴

05 October 2016

Speaking in a meeting of the representatives of Tehran Chamber of Commerce, Industries, Mines and Agriculture, Nili said the current Iranian year is regarded as a historical juncture as the country's future economic development depends on the achievements to be made this year (started March 20).

According to IRNA, he said implementation of the Joint Comprehensive Plan of Action (JCPOA) as well as the macroeconomic stability in the country are the factors contributing to the existing economic growth rate in Iran.

He added that all have to safeguard these two factors and also know that
checking the growth of inflation rate is the most important item in macroeconomic stability.

He referred to growth in producing and selling oil in the first quarter of the current Iranian year as one of the reasons for the 4.4-percent economic growth.

Nili classified oil exporting countries into three categories of those which export oil and enjoy diversity in their economy (like Emirates) and those which have no diversity but have equipped their funds in abundance era as well as the ones the states which fall in none of these categories.

He classified Iran, Venezuela and Russia as the third type, saying that Russia has negative growth and 2-digit inflation rate while Venezuela also has 8%-negative growth and 500%-inflation.

He added that Iran was governed like Venezuela during oil abundance era and foreign exchange market was not turbulent but the government budget is under the pressure at the moment.