Iran’s economy will grow by 5% in 2016 after the lifting of sanctions

Moscow. January 22. Iran’s economy will grow by 5% this year, with the gradual lifting of international sanctions, said the head of the administration of President Mohammad Nahavandian at the world economic forum in Davos

In the next five years expected average annual growth rate can reach 8%, leads the Agency Xinhua. The lifting of sanctions has obvious effect, including it would enable the country to attract international investments in Iranian development projects.

Nahavandian said that currently Iran is engaged in efforts to reform, improve economic and commercial environment.

International sanctions have severely affected the economic development of Iran. The country’s GDP in 2012-2013 decreased, and inflation in 2013 reached 40%.

In Vienna on 16 January, the head of EU diplomacy Federica Mogherini and Iranian foreign Minister Mohammad Javad Zarif announced the entry into force of the agreement, absolving Iran of the economic and financial sanctions related to its nuclear program. It also notes that remain in force the sanctions and restrictions that are not directly related to Iran’s nuclear programme.