But with a higher rainfall and an oil price rise, the rate of the Islamic Republic's economic growth will sharply boost.
As Khabar Online correspondent reported, on the sidelines of the recent Economic Cooperation Organization (ECO) ministerial meeting held Wednesday in Tehran, Shamseddin Hosseini, the Economic Affairs Minister described the reasons behind a decline of Iranian economic growth.
"Iran's economy has not been closed and is currently competing with the world. We are facing a difficult competition in the sector of goods and services. In the capital markets sector the ground must be more provided for development, even one of our objectives under the Fifth Development Plan is to facilitate foreign investment in the country," he declared.
"One of the key points of Iranian economy is that it has not been active in the capital markets of the world. So if we consider the history of the late financial crisis which shook the world, it can be realized that the least damages inflicted on the country for transactions in global stock markets. Generally compared to the beginning of 2008 when the crisis reached to its highest point, the return of Tehran's stock market and its index has not plunged but it shows a 42 percent growth in Bahman (Iranian month, January 21 to February 19) which is unique," Hosseini said.
The Economic Affairs Minister stated: "Iran's stock market is not influenced by foreign ones, but it should also be noted that economy is not entirely limited to capital market and includes both trade and real sectors. Iran is dealing with the whole world in both trade and real sectors. We have considerable crude oil, petrochemical products and non-oil exports. On the other hand, we import various items to a large extent."
"That could influence Iranian economy by the world economy crisis," he added.
ECO is a regional organization founded in 1985 by Iran, Turkey and Pakistan to promote economic, industrial and cultural cooperation among the member countries. In 1992 it included seven other members, Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
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