Iran (IMNA) - Iran's gross domestic product (GDP) is projected to grow by 2.5% this year, up from the 2% prediction made in the last quarterly edition of the IMF's biannual World Economic Outlook, according to IMF data quoted in a story published on Sunday by the Fars news agency.
The IMF additionally boosted its prediction for Iran's GDP growth in 2022 by one percentage point, to 3.5%.
The international lender had stated earlier this year that stronger economic development for important Asian markets this year and next year, such as China and India, would help Iran improve its economic performance by expanding crude oil and petroleum product exports to those nations.
In addition, the IMF predicted that Iran's 2022 record 49% inflation rate would decline to 42% this year and 30% the next year.
The numbers support reports from Iranian official agencies that the nation is on a road to managing inflation and bringing back economic growth to levels last seen before 2018, when the United States withdrew from a global agreement on Iran's nuclear program and placed sanctions on the nation.
The sanctions originally had an impact on Iran's oil export earnings and caused the country to experience periods of slow economic development.
However, the economy began to recover its losses in the second half of 2022, when a number of economic reform initiatives were put in place to counteract the effects of the sanctions.
According to experts, the US sanctions against Iran gave the country the chance to diversify its economy away from oil income and rely more on domestic resources.
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