| Economy | Iran |
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Economy - overview:
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Iran's economy is marked by an inefficient state sector, reliance on the oil sector, which provides the majority of government revenues, and statist policies, which create major distortions throughout the system. Private sector activity is typically limited to small-scale workshops, farming, and services. Price controls, subsidies, and other rigidities weigh down the economy, undermining the potential for private-sector-led growth. Significant informal market activity flourishes and corruption is widespread. Tehran since the early 1990s has recognized the need to reduce these inefficiencies, and in December 2010 the legislature passed President Mahmud AHMADI-NEJAD's Targeted Subsidies Law (TSL) to reduce state subsidies on food and energy. The bill over a five-year period will phase out subsidies that previously cost Tehran $60-100 billion annually and benefited Iran's upper and middle classes most. Direct cash payouts of $45 per person to more than 90% of Iranian households have mitigated initial widespread resistance to the TSL program, though this acceptance remains vulnerable to rising inflation. This is the most extensive economic reform since the government implemented gasoline rationing in 2007. The continued rise in world oil prices in the last calendar year increased Iran's oil export revenue by roughly $28 billion over 2010, easing some of the financial impact of international sanctions. However, expansionary fiscal and monetary policies, government mismanagement, the sanctions, and a depreciating currency are fueling inflation, and GDP growth remains stagnant. Iran also continues to suffer from double-digit unemployment and underemployment. Underemployment among Iran's educated youth has convinced many to seek jobs overseas, resulting in a significant "brain drain." |
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