Iran Ends Year On Gloomy Economic Note

As the curtain comes down on the Iranian year 1392 on 20 March 2014 negative economic indicators continued to emerge. Tehran hopes to end the year with “good news” of zero growth, Iran’s Finance Minister Ali Tayyib Nia says, following a 5.8% contraction for the year ending 20 March 2013, a dire economic situation “unprecedented in Iran’s history” when coupled with sky-high inflation.

Unemployment is on the rise, with the country losing more than 200,000 jobs in the year to March 2013 and more in 2013-14. Youth unemployment is rising even faster, he says.

Iran’s latest inflation rate of 34% for the year to February is in line with a target of 35% by the end of the Iranian year. The year-ago figure was 32%. The government is targeting a fall to 25% by March 2015. (CONTINUED - 423 WORDS)