U.S. sanctions on Iran, oil production cuts and tighter fiscal conditions have all led to lower growth forecasts for the region's crude producers, the IMF reported Monday.
The impact of U.S. sanctions on Iran's economy is spilling over into the broader region, according to the latest International Monetary Fund report.Inflation in the Islamic Republic could reach as high as 40% or higher this year, the IMF said.
"Clearly the re-imposition of sanctions and the removal of the waivers will have additional negative impact on the Iranian economy both in terms of growth and in terms of inflation, where inflation could reach 40 percent or even more this year," Jihad Azour, the IMF's Middle East and Central Asia director, told Reuters.for eight of Iran's largest oil buyers. In 2017, Iran's inflation rate was just over 9%.
Politically, the sanctions are also beginning to bite beyond Iran's borders. Iranian-backed Hezbollah, the Lebanese Shia militant group and political party designated as a terrorist organization by the U.S., has made blunt calls for donations as its main benefactor in Tehran gets squeezed.
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