Iran’s poverty rate surges to 30 percent due to US sanctions
(MENAFN) The poverty rate in Iran has surged significantly, rising from 20 percent to 30 percent in less than a decade, as reported by an Iranian newspaper. The paper highlighted that the Iranian Economy has suffered substantial damage due to the impact of U.S. sanctions, particularly following the failure to revive the 2015 nuclear deal. This economic deterioration has led to growing feelings of frustration and hopelessness within Iranian society.
The newspaper elaborated on the situation, stating that the severe and widespread economic sanctions imposed over the past decade have been a major factor in exacerbating Iran's economic challenges. One of the most damaging consequences of these sanctions has been the erosion of the population's economic power, as many Iranians find themselves increasingly struggling to make ends meet. The poverty rate, which stood at approximately 20 percent in 2014, has now escalated to 30 percent in less than ten years.
The publication expressed skepticism regarding the ability of President Masoud Pezeshkian's government to effectively address the ongoing economic and living crisis in the country. It pointed out that the sanctions have created numerous challenges for production units, including difficulties in sourcing raw materials, transferring technology, and accessing export markets. These issues have ultimately led to a decline in production and a reduction in employment opportunities, further deepening the economic woes.
Additionally, the newspaper underscored the impact of sanctions on Iran's youth, who are considered the driving force of society and have been hit hardest by the negative effects of these economic restrictions. The paper suggested that constructive engagement with the international community could attract foreign investment, boost production and exports, and ultimately foster economic growth and job creation. In a related development, President Pezeshkian mentioned in a recent interview that Iran requires USD100 billion in foreign investment to achieve an 8 percent economic growth rate. Meanwhile, Economy Minister Abdolnaser Hemmati, when asked about the possibility of reducing inflation to 30 percent by the end of the year, deflected the question, suggesting it be directed to Central Bank officials.
MENAFN04092024000045015839ID1108634105
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.