In its latest report on Iran’s microeconomic performance, the International Monetary Fund said that Iran’s oil production growth in 2023 has exceeded expectations.

According to the IMF’s new estimates, Iran’s economic growth in 2023 reached 5,4 per cent, well above the previous forecast of 3.0 per cent.

The IMF also revised its forecast for Iran’s economic growth for 2024 to 3.8 per cent from 2.5 per cent in October.

While global growth slowed to 3.1 per cent, Iran’s economy grew more than the average of similar countries in the developing world. Western Asia averaged 2.0% growth and Saudi Arabia recorded 1.1% economic growth. This is reported by Tehran Times, a partner of TV BRICS.

At the same time, the economic growth of some other countries in 2023 had the following values: China – 5,2 per cent, India – 6,7 per cent, Russia – 3 per cent, Brazil – 3,1 per cent.

African Times published this article in partnership with International Media Network TV BRICS.