Economist: Six percent economic growth available next year

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Six percent economic growth is available in the next Iranian year of 1395 (2016-17), Masoud Nili, Economist and Advisor to the President said on Sunday.

Nili made the remarks in his address to Seminar on `Post-Sanctions, Opportunities Ahead of Private Sector’.
‘What can be said of Iran’s economic prospect after elimination of sanctions is: Relations can be established with the world and facilities to this end will be provided.’
He said that in the next Iranian year of 1395, one million bpd oil will be added to Iran’s oil output, so the oil sector value added will be up by 30 to 35 percent.
‘Subsequently, the GDP will be increased by 2.5 to three percent.’
Nili predicted that next year, Iran’s foreign trade will rise up by 10 percent and the cost of providing banking facilities will be minimized.
On unprecedented fall of oil prices, Nili said it shows that next year, no major change will be in Iranian government budget because increase in volume of exports checks oil price decline.
The presidential advisor said under the current situation, the bottlenecks will be removed and the private sector will attain a leading role in the economy, so government can mobilize its resources.
‘Next year will be a difficult year for government financially, while being a good year for the public in general. That will be an opportunity for government to restrict its activities and the private sector can be more active through engagement with the outside world.’

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