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| 17 April, 2017

Iran boasts of economic break from oil

Iran's President Hassan Rouhani smiles during a session at the annual meeting of the World Economic Forum (WEF) in Davos January 23, 2014. REUTERS/Ruben Sprich

Iran's President Hassan Rouhani smiles during a session at the annual meeting of the World Economic Forum (WEF) in Davos January 23, 2014. REUTERS/Ruben Sprich

Reuters/Ruben Sprich

During the first 11 months of the Iranian year to March 20, non-oil exports have grown more than 30%

17 April 2017
During the first 11 months of the Iranian year to March 20, non-oil exports have grown more than 30 percent, state media reported Monday.

Iran's Leader Seyyed Ali Khamenei has called for a resistance economy, one that limits exposure to international market shocks and sanctions pressures in part by weaning itself off oil for revenue, UPI reported.

IRNA reported that, under President Hassan Rouhani, there were three unidentified 'unfinished' national development plans yet to be started that could contribute to the resistance economy.

Projections from the International Monetary Fund in February said the economy of Iran — one of the top oil producers in the Organization of Petroleum Exporting Countries — should grow at a rate of about 4.5 percent, but wax and wane between growth of 6.6 percent this year and 3.3 percent through 2018.

"[IMF] directors emphasized the importance of maintaining prudent macroeconomic policies and building buffers, strengthening the financial sector, and advancing reforms to lessen Iran's reliance on oil and develop the private sector," the IMF's assessment read.

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Meanwhile, Iranian Oil Minister Bijan Namdar Zanganeh said South Pars oil and gas field in the Persian Gulf was a symbol of the resistance economy when the president inaugurated more gas developments during a weekend ceremony.

"Inauguration of these projects showed that we can do great jobs and ... can be the first petrochemical power of the region," he said.

© Iran Daily 2017