Under the pressure of worldwide sanctions, Iran’s economy has been whacked. But it has not collapsed
Save time by listening to our audio articles as you multitaskIran’s experience is instructive. In the past decade it has suffered recessions, devaluations and chronic inflation under the pressure of worldwide sanctions. Its economy has been whacked. But it has not collapsed. That is in large part because Iran’s manufacturers have proved resilient. Tehran’s flourishing stockmarket is testimony to the economy’s hardiness. Many of the firms that have survived and prospered are listed there.
The damage has been extensive. Iran’s oil exports fell from 2.5m barrels per day in 2011 to 1.1m in 2014. Its economy suffered deep recessions in 2012 and 2018. The embargo on Iran’s oil exports left a large hole in government finances. Lacking access to its reserves or reliable dollar revenue from oil exports, the authorities have been unable to support the exchange rate. The result has been chronically high inflation. There has been a lot of hardship.
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