TEHRAN - Iranian economy is projected to grow by 2.1 percent in the current fiscal year (March 2021-March 2022) as the domestic markets are getting back on track and the negative impacts of the coronavirus pandemic begin to wane, according to the World Bank’s Macro Poverty Outlook (MPO) report for spring 2021.

According to the mentioned report, Iran’s Gross Domestic Product (GDP) is going to continue its positive growth over the next two fiscal years (2022-2024), expanding by 2.2 and 2.3 percent, respectively.

“Despite an initial COVID-19 induced shock to GDP, a strong rebound in mid2020 led to a modest economic expansion in 2020/2021. The COVID-19 output loss since Feb 2020 was less pronounced [in Iran] than in other countries,” the report stated.

Based on the report, the inflation in the country will also decrease over the next three fiscal years. The bank sees the inflation to stand at 29.3 percent in the current Iranian calendar year (ends on March 21, 2022), while the figure is seen falling to 21.7 percent and 18.6 percent over the next two years.

The positive growth of the Iranian economy comes at a time when most of the countries around the world are facing sharp declines in their economic growth due to the negative impacts of the pandemic.

This achievement becomes more significant considering the fact that in addition to the negative impacts of the pandemic, the Islamic Republic has been tackling severe economic pressure imposed on the country due to the U.S. sanctions.

Back in January, the World Bank had predicted a 1.5 percent GDP growth for Iran in 2021.

“Growth in the Islamic Republic of Iran is expected to recover as domestic consumption and tourism begin to normalize, and disruptions related to COVID-19 taper,” the World Bank’s Global Economic Prospects (GEP) report released in late January stated.

In January 2020, the bank had predicted a 1.1 percent GDP growth for Iran in 2020 and 2021.

EF/MA