News & Reports News Year 2011 April , 2011 'IMF forecast on Iran economy wrong'

'IMF forecast on Iran economy wrong'

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Iranian Minister of Economic Affairs and Finance says the International Monetary Fund (IMF)'s latest forecast on Iran's economic growth is “illogical and surreal.”

“The figure released by the International Monetary Fund is mostly based on the assumption that the West's measures against Iran have affected our economy,” ISNA quoted Shamseddin Hosseini as saying on Monday.

According to a recent report by the IMF, Iran's economic growth in the year 2011 will fall to zero percent due to sanctions and high inflation.

Hosseini said the 86 percent growth in value of the Tehran Stock Exchange (TSE) and 24 percent growth in the country's non-oil exports were proof that the IMF report was “inaccurate” and had “ulterior motives.”

TSE's value surpassed an all-time high of more than USD 125 billion on April 9 to mark a new record for the past 44 years of its activity.

The easing up of regulatory measures by the government to promote investment is said to have played a major role in the growth of the TSE main index, which has the shares of 341 companies from 28 industries on its list.

Iran is also the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC) and the second largest gas producer in the world after Russia.