Iranian economy shrinks 0.7% in last year

Iran is facing severe economic turmoil, with the Gross Domestic Product contracting by 0.7% during the last fiscal year, alongside runaway inflation reaching 88.6% annually and food prices more than doubling, with increases of 138.8% for bread and grains, and 178.2% for meats and poultry. These challenges are compounded by declining investment and production, intensified pressures from Western sanctions and exchange rate fluctuations, as well as water and energy resource shortages and deterioration in the banking sector. All of these factors threaten to push the economic recession rate to 5.4% this year. Experts believe that continued American blockade of ports may lead to further declines in oil revenues, exacerbating the weakness of the currency, inflation, and unemployment, thereby worsening the suffering of Iranian citizens.

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