A new IMF estimate has led to claims that Iran’s gross international reserves have been “wiped out.” But a closer look at the data makes clear that this is far from the case.
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All tagged macroeconomics
A new IMF estimate has led to claims that Iran’s gross international reserves have been “wiped out.” But a closer look at the data makes clear that this is far from the case.
Earlier this month, the Statistical Center of Iran reported a record high level of employed Iranians, with nearly 25 million people in work. Meanwhile, the IMF has revised down its 2019 projection for Iran’s economic growth to -9.5 percent. What explains the divergent narratives in Iran’s employment data and growth data?
◢ There is a growing sense that Iran has squandered its chance to join the ranks of the BRICs—Brazil, Russia, India, and China—which count as the great emerging markets of the world. As sanctions return, as the rial sheds value, and as protests become routine, Iran is increasingly portrayed as an economic basket case where state collapse is just around the corner. But comparing Iran’s macroeconomic performance with Brazil, another country that has contended with widespread protests and economic angst for over three years, paints a very different picture.
