Tehran Chamber of Commerce President: Current Economic Recession in Iran is Unprecedented in 30 Years

Masoud Khansari, President of the Tehran Chamber of Commerce, Industries, Mines and Agriculture, stated on Saturday, October 10, that the current economic recession in Iran is unprecedented in the past 30 years. According to Fars News Agency, Khansari pointed to the impact of declining exports on the economic recession in Iran, emphasizing: "In the first half of this year, the country's economic growth was negative, leading to a very severe recession in the economy, such that we have not seen such a recession in the past 30 years, and we are waiting every day for a factory to close." Four ministers from Rouhani's government previously warned in a letter to the Iranian president that if decisions are not made "urgently and according to the rules governing crisis conditions," the current recession will turn into a crisis. In this context, Hassan Rouhani, the President of Iran, stated on Saturday that the government and production sectors are facing problems and that the Iranian economy may return to recession. However, the President of the Tehran Chamber of Commerce noted that the Rouhani administration reduced the previous government's inflation rate from 40% to 15%, stabilizing prices and achieving 3% economic growth, but the recession continues. Khansari pointed out that during the eight years, billions of dollars entered the country, which the previous government could have used to build the country and create jobs, but instead of job growth, we witnessed a 6.8% recession. He also mentioned that "the stabilization of the exchange rate hindered the growth of domestic production," which is why new jobs were not created, and unnecessary spending and money distribution among the people contributed to the recession. The International Monetary Fund reported on Tuesday, October 1, that Iran's economic growth this year will be around negative 0.5% to 0.5%, depending on when sanctions against Iran are lifted. Economic experts say that the Rouhani government hoped that the nuclear agreement with six world powers would resolve existing economic problems, but months after this agreement, it has not yet been implemented, and therefore this agreement has had no significant impact on the economic situation in Iran. In this context, Rouhani stated on Saturday that "the nuclear agreement was supposed to be finalized in July of this year, and it was expected that we would see its implementation after a few weeks," emphasizing that "the decline in oil prices and the prolonged implementation of the agreement will exacerbate some economic problems in the country." Rouhani warned that there is a possibility of returning to recession.