Devastated by years of mismanagement and a cocktail of ever-tightening Western sanctions, revitalizing Iran’s economy is President-Elect Hassan Rohani’s biggest challenge once he takes office next month. Mr Rohani appears to agree judging by his address to parliament this week.

Speaking on 14 July, Iran’s incoming president gave a damning verdict on the country’s stagnating economy, stressing the problems Iran faces are far greater than those admitted to by the Islamic Republic’s current administration led by the outgoing President Mahmoud Ahmadinejad (Mr Rohani assumes office on 3 August). “We asked current officials about the situation of the country, but their reports and those of our team were very far from each other,” Mr Rohani said referring to a number of working groups he had assembled to analyze the country’s main economic concerns. (CONTINUED - 375 WORDS)