IMF Forecasts Economic Slump for Iran in 2017

“Iran’s economic growth will slide to 3.5 percent in 2017 from 12.5 percent in 2016 but is expected to expand 3.8 percent next year,” it said, The National reported on Wednesday.

It added that other oil producing nations are also expected to see a drop in the pace of economic growth this year as the after effects of the 2014 oil price crash linger on.

Saudi Arabia is projected to grow 0.1 percent in 2017 from 1.7 percent last year. It is forecast to grow by 1.1 percent in 2018.

Meanwhile, the pace of economic growth in Kuwait is expected to contract to 2.1 percent this year but itis expected to recover in 2018, growing at 4.1 percent. Its GDP expanded 2.5 percent last year.