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News > Govt. seeks sustainable, lasting economic growth: Rouhani

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Govt. seeks sustainable, lasting economic growth: Rouhani

Govt. seeks sustainable, lasting economic growth: Rouhani

“Economic growth has already begun. However, continuing the trend of progress is of importance,” Rouhani said on Sunday in an address to a conference on sustainable growth and job creation.
“Our political life has shown we cannot have sustainable growth while we are isolated. The time has passed when it used to be said that if a foreign investor comes to Iran, our independence will be in danger,” he added. 
“The economy should get rid of rent-seeking. It should become more competitive. All the government organization should act transparently.”
“The administration has managed to curb the runaway inflation. However, this is not sufficient,” he said, adding that the inflation rate is projected to become single-digit in Iranian calendar year 1396 (March 2017-March 2018). 
A powerful economy is the one which relies on domestic production and non-oil exports instead of oil revenues, he noted.
“In our country, for years and decades, it’s been the economy that pays for the politics,” Rouhani said. “It would be good for once to act in reverse and have internal politics and foreign policy pay for the economy so we see how that impacts the livelihood of people and the employment of the youth.” 
“We want to stand on our own feet. We want to have less need to export oil. If these things happen, our nuclear negotiations will proceed faster.” 
In July 2014, the administration of President Rouhani unveiled its new economic policy package, with ending the country’s stagflation problem being one of its main goals.
This package of policies identifies the shortfall in financial resources, the slump in domestic demand, and the decline in investment, as well as the unjust sanctions imposed by the West, as the main obstacles the country’s economy is facing. 
In August 2014, the International Monetary Fund said President Rouhani’s policies of reducing energy subsidies along with the easing of international sanctions have helped to steady Iran’s economy and cut inflation.
Business Monitor has predicted that the Iranian economy will return to growth, as the improvement in relations with the West and better macroeconomic management will lead to an improved outlook for exports and increased business and consumer confidence.
Recent improvements in relations with the West bode well for the country’s economy, according to the report.
The economy is forecast to expand by 2.9 percent in 2015.

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