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Gitiban-The economy of Iran is the eighteenth largest in the world by purchasing power parity (PPP) and it is predicted to become the 12th largest by 2015. The economy of Iran is a transition economy with a large public sector and some 50% of the economy centrally planned. It is also a diversifed economy with over 40 industries directly involved in the Tehran Stock Exchange. Yet, most of the country's exports are oil and gas, accounting for a majority of government revenue in 2010. A unique feature of Iran's economy is the presence of large religious foundations, whose combined budgets make up more than 30% of central government spending. Iran is one of the few major economies that has maintained positive growth in the aftermath of the 2008 global financial crisis, despite sanctions imposed by the international community as a result of the country's nuclear program.

 

Distortions resulting from a combination of price controls and subsidies, particularly on food and energy, continue to burden the economy. Contraband, administrative controls, widespread corruption, and other restrictive factors undermine the potential for private sector-led growth. Although President Mahmoud Ahmadinejad has proposed replacing energy subsidies with targeted social assistance, previous government-led efforts at reform, such as fuel rationing in July 2007 and the imposition of value-added tax (VAT) in October 2008, met with stiff resistance and violent protests.

High oil prices in recent years have enabled Iran to amass $100 billion in foreign exchange reserves. Whilst this has aided self-sufficiency and domestic investment, double-digit unemployment and inflation remain problematic. Despite Central Bank of Iran figures showing that annual inflation rate has dropped, the economy has seen only moderate growth. Iran's educated population, economic inefficiency, and insufficient foreign and domestic investment have prompted an increasing number of Iranians to seek employment overseas, resulting in a significant "brain drain".

Source: wikipedia

 

 

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