Research Report: Half a Century of Gradual Decline in Iran's Economy; Comparison with South Korea, Turkey, and Saudi Arabia

The value of Iran's economy seven years before the 1979 revolution was twice that of South Korea; however, 44 years after the establishment of the Islamic Republic, South Korea's GDP has surpassed Iran's by three and a half times. Calculations from Iran's Open Data database in a report dated February 7 indicate that over half a century, Iran's economy has significantly lagged behind its long-standing competitors, namely South Korea, Saudi Arabia, and Turkey. A comparison of Iran's GDP (at constant prices) from 1971 to 2023 shows that during this period, Iran's economy has grown by less than three times, specifically 190%. In contrast, during this time, South Korea's economy has grown nearly 25 times (2,370%), Turkey's economy nearly 10 times (872%), and Saudi Arabia's economy more than 5 times (411%). The Open Data database, referencing World Bank statistics over the past quarter-century, calculated that in 1971, Iran was the 17th largest economy in the world. Meanwhile, its main economic rivals, Saudi Arabia and Turkey, ranked 18th and 21st, respectively, with South Korea in 29th place. This position has been reversed after 52 years. The calculations show that the status of these four countries in the global economic ranking has completely changed over half a century, following the 1979 revolution and the rise of the Islamic Republic. Currently, South Korea ranks 11th, Turkey 16th, and Saudi Arabia 20th, while Iran's position has not exceeded 27th among the world's largest economies.