IMF predicts economy will grow; urges fairer competition

Monday, March 03rd, 2014

Almost as soon as President Rouhani took office, Iran’s crippled economy began to look healthier. Now it is official.

This week the International Monetary Fund (IMF) confirmed that if the strict sanctions regime is eased in line with the ongoing success of the nuclear talks, then Iranian can expect good news. The economy will stabilize, and there will be growth of between 1 – 2%. Inflation – which was running at around 40% - is expected to drop to around 15-20%.

Their domestic budgets rocked by rising prices under President Ahmadinejad, Iranians should find their shopping life a bit easier, if the IMF’s predictions are right.

Though for the business community, the IMF report highlights an uncomfortable fact: competition is unfair. The report’s formal style refers to their experts’ agreement with ‘some market participants about the scope for leveling the field of competition in the system through further privatization and reforms to government-mandated credit policies’. Put more bluntly, there are lots of business men who are fed up of government corruption and want competition to be fair.

This directly impacts Christians. Due to this corruption making a success of a business is extremely challenging. If, however, the IMF’s recommendations are carried through, entrepreneurs in the church might be able to set up stronger businesses and so provide much needed employment to Iranians, and Christians Iranians.

Pray for
• Continued improvement of the economy
• Corruption to be dealt with
• Christian business people