"Iran's Economy Slightly Affected by Financial Crisis "

26. Feb. 2010

Iranian Minister of Economic Affairs and Finance Shamseddin Hosseini reiterated that the world economic meltdown had modest effects on Iran's economy due to the country's separation and distance from global financial markets. "Iran's economy was not affected by the financial crisis because it was not integrated with the world financial markets," Hosseini said. Meantime, he said that the meltdown has left some impacts on Iranian economy.

"But, the volume of Iran's foreign trade resulting from oil and non-oil exports as well as imports were affected by the crisis," Hosseini said. He further reminded that Iran has registered a positive economic growth and experienced an improvement in the balance of non-oil exports and imports during the period of economic crisis in the world.

Hosseini also pointed out that most oil-exporting countries could bear the economic crisis and experience higher economic growth in comparison with the other countries. He said the success and positive economic growth of such countries resulted from their high oil revenues which had stuffed their foreign exchange reserves prior to the crisis.
[Fars]