GDP drops at 57% rate: Serious warning for Iran’s economy

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Gholamhossein Shafiei, the head of Iran’s Chamber of Commerce, said that the country’s GDP, which was $445 billion in 2017, had fallen by 57% to $191 billion in 2020, and that this was a serious warning for the future of Iran’s economy.  The fall of GDP has ranked Iran among the countries of the world in terms of economic size from 26th in 2017 to 51st.

The statistics of this private sector union official are according to the calculations of the World Bank, and with this account, Iran’s GDP has decreased by 57% in three years.

Iran’s economy last year was half that of the UAE and one-third that of Turkey or Saudi Arabia.

GDP is the value of products and services produced in a given year, and the World Bank calculates GDP based on “current prices and free dollar rates.”

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