Economy shrinks only 3% despite coronavirus pandemic: Iran Prez Rouhani

Topics Coronavirus | Iran | Hassan Rouhani

Iran President Hassan Rouhani. (Photo: AP/PTI)

Iranian President Hassan Rouhani said that Iran's economy has contracted by only three per cent despite the COVID-19 pandemic, Tasnim news agency reported.

Rouhani made the remarks during a video conference held on Sunday to brief Supreme Leader Ayatollah Ali Khamenei about the cabinet's performance during the last seven years, Xinhua news agency reported.

"While the economy of many of the world's major countries shrank by 20 per cent, Iran's economy suffered only three percent in the face of problems caused by the coronavirus outbreak," he said.

Although the fall in oil prices and the US sanctions have damaged Iran's economy, the reliance of Iran's budget on oil exports has decreased in the past years to 9.9 per cent in 2019, according to Rouhani.

The Iranian president also cited the reduction of inflation to single-digit figures as another achievement of his administration.

According to the Iranian Statistics Center, the annual inflation rate for Iranian households was 8.25 per cent in August.

Since mid-2018, after the United States left the landmark 2015 Iranian nuclear deal, Tehran has experienced maximum pressure on its economy from Washington's unilateral sanctions.

Rouhani said in June that his administration's main priority is to control prices and guarantee access to basic means of life.

--IANS

rt/


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel