Iran is experiencing a 5.3% decline on GDP in the current fiscal year due to coronavirus impact, but The World Bank predicted Iran’s GDP to up by 2.1% in the next year. The decline in GDP partly caused by the slumping in domestic consumption and the faltering service sectors such as tourism. World Bank stated this along with the data of downward trend among West Asian countries. Iran inflation has been declining on a year-on-year basis, but it remains elevated around 20%, and this year is going to be the last year the country recorded negative GDP, as next year growth rate is predicted at 2.1%.
In the World Bank report, Eurozone recorded the worst economic performance compared to another region with predicted declining at 9.1% by the end of this year. The U.S. economy is also projected to grow at a negative 6.1%.
The economic shutdown in the measure of curb the coronavirus pandemic have disrupted billions of lives over the globe, put endangering risk in decades of developmental economic progress. The World Bank predicted the global economy will lose 5.2% of GDP because of this pandemic, the worst record since World War II and almost three times worse than the 2009 recession. A global rebound of 4.2% in 2021 was also projected, but the even-worse-scenario is not off the table if the pandemic take longer time to curb.
