Iranian economy experienced seven percent growth in the first nine months of the current Iranian calendar year (March 21-Decemebr 21, 2015), according to Iran’s Management and Planning Organization Director Mohammad-Baqer Nobakht.

The official said: “While economic growth requires investment making, we did not have any income rather than the limited oil revenues; therefore although the growth has been low, it is considerable compared to the past”, the Tasnim news agency reported on Sunday.

On February 20, Iranian Finance and Economic Affairs Minister Ali Tayyebnia said that removal of the West-led sanctions against Iran’s economy provides many opportunities for the country to achieve sustainable economic growth.

The country’s budget plan for the next Iranian calendar year (which will start on March 20) has envisaged five percent economic growth.

On February 23, Tayyebnia mentioned achieving an economic growth of eight percent as one of the main objectives of the country’s Sixth Five-Year Socio-Economic Development Plan, which ends in 2021.

In its January 2016 Global Economic Prospects report with the theme of Spillovers amid Weak Growth, the World Bank forecasted Iran’s gross domestic product (GDP) will grow by 5.8 percent in 2016 and by 6.7 percent in 2017.

The report said Iran’s economy expanded by 1.9 percent in 2015.

The World Bank also said Iran’s nuclear agreement opens the door for reintegration of the country into the global economy and the reinvigoration of its oil, natural gas, and automotive sectors. In this regard, renewed optimism about the potential of the Iranian economy has already generated a flurry of investment interest by foreign companies.

/ tehran times /