Iran's Economy Min. Arrives In New York To Attend Economic Forum

New York, May 17, IRNA – Iranian Economy Minister Sayed Shamseddin Hosseini arrived here Thursday morning to attend a UN based economic forum. Hosseini is to attend a forum which is held in the UN Headquarters to survey the world economy for 2012. Economy minister is to explain for the world economic officials the latest economic status in Iran as well as the Islamic Republic's achievements in that field. The two-day UN based economic forum starts on Thursday in the presence of world economic officials. The economy of Iran is the seventeenth largest in the world by purchasing power parity (PPP) and twenty-sixth by market value. The economy of Iran is a mixed and transition economy with a large public sector and some 50 percent of the economy centrally planned. It is also a diversified economy with over 40 industries directly involved in the Tehran Stock Exchange. Yet, most of the country's exports are oil and gas, accounting for a majority of government revenue in 2010. Iran is one of the few major economies that has maintained positive growth in the aftermath of the 2008 global financial crisis, despite sanctions imposed by the international community as a result of the country's nuclear program. High oil prices in recent years have enabled Iran to amass well over 100 dlrs billion in foreign exchange reserves. Whilst this has aided self-sufficiency and domestic investment, double-digit unemployment and inflation remain problematic. The fifth development plan for the period 2010–15 sets guidelines for the socio-economic development of the country. Designed to give power to the people through delegation, the plan is part of 'Vision 2025', a strategy for long-term sustainable growth. Under the plan, following annual approval of the government’s budget, the Central Bank of Iran will present a detailed monetary and credit policy to the Money and Credit Council (MCC) for approval. Thereafter, major elements of these policies will be incorporated into the five year economic development plan. Expansion of public healthcare and international relations are the other main objectives of the fifth plan, an ambitious series of measures that include subsidy reform, banking, currency, taxation, customs, construction, employment, the development of nationwide distribution of goods and services, social justice and productivity. The main intention is to make the country self-sufficient by 2015. By removing energy subsidies, Iran's long term intention is to make its industries more efficient and competitive on the world stage. These reforms target the major sources of inefficiency and price distortion in the country's economy and are likely to lead to major restructuring of almost all economic sectors. Iranian President Mahmoud Ahmadinejad has stated that the country will become the world's 12th largest economy by 2015./end