According to the latest report by the World Bank, Iran’s economic growth rate will plunge into minus 1.6% at the end of the current year under the impact of US sanctions against the country.
Iran’s oil exports will reach 1.5 million barrels a day later this year and drop to one million barrels a day next Iranian year (which will begin on March 21, 2019), according to the report.
The World Bank also predicted that Iran’s foreign debt would decrease to $9.3 billion this year and reach $10.1 billion next year. Last year, Iranian foreign debt was reported to stand at $10.9 billion, the report said.
Tensions between Iran and the US have escalated since US President Donald Trump walked away from the 2015 nuclear deal between Iran and world powers in May and re-imposed sanctions on the Islamic Republic.
US officials have repeatedly claimed that they aim to cut Iran’s oil exports to zero.
Following the US exit from the nuclear deal, Iran and the remaining parties launched talks to save the accord.
Trump on August 6 signed an executive order re-imposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.
He said the US policy is to levy “maximum economic pressure” on the country.
The second batch of US sanctions against the Islamic Republic took effect on November 4.