Iran’s economy is in trouble following US sanctions in 2018.
Experts predict a shrinking economy, ballooning inflation, and a significant budget deficit.
Read on for eight surprising facts about Iran’s economy.
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Iran’s economy has had a turbulent decade.
In 2016, Iran was on the rise economically, but since 2018, United States sanctions have sent the Middle Eastern nation in a downward spiral. The sanctions had previously been lifted under the 2015 nuclear deal between the two countries.
Now, experts predict that Iran will face a shrinking economy, ballooning inflation, and a significant budget deficit.
As Iran looks to the future, it’s relying on trade partners other than the US in hopes to get its economy back on track.
Here are eight surprising facts about Iran’s economy.
Iran’s economy is roughly the size of Maryland’s
Iran’s gross domestic product was $454 billion in 2017, a shade more than Maryland’s $418 billion, according to the World Bank.
The countries nearest to Iran in GDP are Thailand, Venezuela, and Austria.
Iran’s economy shrank 3.9% last year, and it’s expected to shrink another 6% this year
According to the International Monetary Fund, Iran’s economy is expected to shrink 6% …read more
Source:: Businessinsider – Finance