Iran, June 7, 2019 - In its latest Global Economic Prospects report published Wednesday, the World Bank says Iran’s regime is at the bottom of the list of the Gross Domestic Product (GDP).
Iran is likely to experience an even worse recession this year than previously thought according to the report.
The Washington-based institution that provides loans to countries said it expects Iran’sGDP to shrink by 4.5% this year, a steeper contraction than its earlier estimate of negative 3.6% GDP growth for 2019.
The only country worst that Iran being at bottom of the list is the crisis-riddled Nicaragua.
“The oil industry is an important part ofIran’seconomy, and its oil production is clearly going to drop because of the new U.S. sanctions,” said Patrick Clawson, research director for the Washington Institute for Near East Policy said on Wednesday.
The International Monetary Fund forecasts that Iran’s economy in 2019 would shrink up to 6%.
The reason for Iran’s economic disaster, according to the World Bank report, is the US sanctions, particularly targeting the oil sector that is choking Iran’s economy.
The World Bank’s new report also said Iran’s year-on-year inflation rate has risen sharply from about 10% in the middle of last year to about 52% in April of this year. It said the depreciation of Iran’s rial since May 2018, when the U.S. announced it would re-impose sanctions on Iran, has contributed to the rising inflation. The rial’s slump versus the dollar in Iran’s unofficial currency market has made dollar-denominated imports more expensive for Iranians.
The Trump administration imposed a total, unilateral ban on Iranian oil exports on May 2 as part of its campaign of “maximum pressure” on Iran to negotiate an end to its perceived malign behaviors.
It had issued sanctions waivers to eight of Iran’s oil customers in November to allow them to keep importing Iranian crude for six months, but later said it would not renew those waivers and now requires all parties to zero such imports.
40 years after Iran’s 1979 revolution, the ruling mullahs have taken the country back to the Middle Ages.
Iran has large natural resources and the potential to improve the lives of all Iranians. Additionally, Iran owns 7% of mines of the world, the largest hydrocarbon sources (oil and gas) in the world - 9.3% of the world’s oil and 18% of the world’s gas. Iran itself has more natural sources than the entire EU area.
However, Iran is ruled by a dictatorship that spends all its wealth in terrorism and suppression, fueled specifically by the terrorist-designated Revolutionary Guards (IRGC). The fact is that a corrupt government that is looting the Iranian people’s property to extend its rule rules Iran.
Iran under mullahs ranked 93rd in the world in health care. In welfare, Iranian people are ranked 108 out of 149 countries and the Iranian regime is on the top of the list of countries suffering from state-run money laundering. This is one of the reasons that the Iranian regime is ranked 138 in the world in corruption and also among top countries with high inflation rates
Iranian workers’ monthly salary is less than $100 and Iran is the only country that uses all its renewable water resources and is being pushed toward an irreversible water crisis by the government.
Moreover, Iran has some of the most dangerous roads in the world and is among the top countries in road fatalities.
The mismanagement of Iran's economy has led to mass dissatisfaction and protests. The people of Iran believe they deserve better.
In the past year, Iranian people have taken to the streets to reclaim their country and destiny.