Code: 1152927 A

Iran's economy is at its 'Most Dangerous" period in recent history

The Chairman of Iran-China Chamber of Commerce has warned that Iran’s economy is at its “most dangerous historical point” in the past four decades.

Iran's economy is at its 'Most Dangerous" period in recent history

In an interview with ILNA news agency, Majidreza Hariri that inflation is becoming a serious threat. "If the inflation rate rises above the current 50-60 percent rate, it would become much harder to control it."

Hariri has called for resolving Iran’s disputes with the West, reiterated that rescuing the economy needs attention to improving foreign relations.

“A great part of Iran’s economy is dependent on oil exports, and it is not possible to cure this economic addiction quickly,” Hariri said, and added that removing the US sanctions should be a priority, but no matter what Iran is willing to do, the final decision, or the other side of the coin is America. Iran cannot be the sole decider in removing the sanctions. The United States must agree.

Hariri said that every decision the government makes it should consider the danger of uncontrolled inflation.

“Any policy that could lead to higher inflation should be eliminated,” he confirmed and added that if prices rise any further, the country can face hyper-inflation, which would be difficult to overcome.

He called on the government to use a wider range of economic experts for advice on inflation and not to narrow its thinking to one group of economists.

Hariri mentioned the example of former finance minister Ali Tayebniya, who in the first four years of Hassan Rouhani’s presidency (2013-2017) was able to bring a 47-percent inflation rate down to 11-12 percent.

END

endNewsMessage1
United States oil exports inflation US sanctions inflation rate hyper-inflation
Send Comment