Despite Sanctions, Iran's Economy Ranks 22nd in 2022 Globally

(MENAFN) According to the latest report from the International Monetary Fund (IMF), Iran's gross domestic product (GDP) based on purchasing power parity (PPP) has increased by USD141 billion, reaching USD1.596 trillion in 2022. The report ranked Iran as the 22nd largest economic power in the world, surpassing the economies of 171 other countries. This is a significant achievement, given the severe sanctions imposed on Iran's economy, signaling the country's resilience and strength.

The World Bank's Middle East and North Africa (MENA) Economic Update report released in April 2023 predicted a two percent growth in Iran's economy for the year. While 15 countries in the MENA region are expected to have lower economic growth in 2023 than the previous year, the World Bank has predicted a three percent growth for the region's economy. Iran is among the countries that will experience the lowest drop in economic growth in 2023, with a 2.7 percent growth in the previous year.

In the World Bank's Global Economic Prospects (GEP) report released in January 2023, the Iranian economy was projected to grow by 2.2 percent in 2023, despite the sharp, long-lasting slowdown in the global economy. The report highlighted the broad-based deterioration in the global economy in virtually all regions worldwide in the current year, with per-capita income growth expected to be slower than the decade before COVID-19.

Despite the challenges posed by sanctions and a struggling global economy, Iran's economy continues to demonstrate resilience and growth. The IMF's latest report ranking Iran as the 22nd largest economic power in the world in 2022 highlights the country's strength despite the sanctions. The World Bank's predictions of a two percent growth in Iran's economy for 2023 also suggest that the country is in a stable economic position.

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