Sunday, 13 October, 2019

Iran ranks 27th among world’s biggest economies: WB

Having a 0.53 percent share of the global economy, Iran holds the 27th place in the list of world’s top economies, according to the World Bank (WB).

Based on the latest data released by WB, Iran’s Gross Domestic Product (GDP) tops that of many other countries in the region and world including Norway, UAE, South Africa, Singapore, Malaysia, and Finland, IRIB reported on Sunday.

According to WB, the United States and China are the world’s most powerful economies, accounting for 23.89 percent and 15.86 percent of the world’s economy, respectively, followed by Japan, Germany, Britain, France and India.

The data, however, indicates that the gap between China and the U.S. is gradually decreasing.

The world’s top 15 countries account for 75 percent of the total global GDP, which based on the WB report on global economy in 2018, amounted at $85.8 trillion.

Back in January, WB predicted a 1.1 percent GDP growth for Iran in 2020 and 2021.

The bank saw a -3.6 percent growth for the country’ GDP in 2019 but expected it to experience 1.1 percent of GDP growth in the following two years.

Global economic growth is projected to slow to 2.9 percent in 2019 from a downwardly revised 3 percent in 2018 amid rising downside risks, the World Bank said in its Global Economic Prospects report published that month.

The World Bank said the outlook for the global economy “has darkened” as global financing conditions have tightened, trade tensions “have intensified,” and some large emerging markets and developing economies have experienced significant financial market stress.

Source: Tehran Times

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