Gov’t Successful In Restoring Economic Stability

Tehran, Sept 29, IRNA - 'Iran Daily' on Monday praised the current government's focus to resolve the problems of the public sector, however, the paper suggested, in order to maintain a continuous growth, the government should pay special attention to the private sector. The approval of the government’s economic package to bring the economy out of recession by Majlis would also help achieving a sustainable economic growth, added the English-language paper in its Opinion column (pg. 4). It’s unwise to think that the recession would bottom out shortly after the package is implemented but it’s not wild to expect good days in the years to come, believed the paper. Figures by the Central Bank of Iran (CBI) show that GDP grew during March 21-June 21 compared to last year’s quarter, which registered a negative growth of 4.1 percent. The growth comes after a period of slowdown and heralds an economic recovery, noted the daily, adding that it seems the government’s prediction of economic growth is coming true, thanks to its efforts to restore stability, especially to the volatile forex market that has lately experienced wild fluctuations. A look at CBI figures indicates that growth in the non-oil sector was greater, proving the fact that the government’s plans would make the economy less dependent on oil revenues. According to CBI, all sectors, including agriculture, oil, industries, mines and services, grew in this period. If the current upward trend continues, the country could witness a positive growth by March 2015. However, when Western economic sanctions imposed over Iran’s nuclear energy program are lifted, the economic growth would become noteworthy./end