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09/21/11

Ira's inflation will decrease 10% in 2012: IMF

Source: Mehr News Agency

The International Monetary Fund (IMF) has predicted that the inflation rate in Iran will decrease around 10 percent in 2012 from the estimated figure of 22.5 percent in 2011.

In its quarterly World Economic Outlook report, IMF said that Iran's inflation will reach 22.5 percent by the end of 2011, showing 10.1 percent growth in comparison to 2010.

The growing trend of inflation in Iran in 2011 is the direct impact of the subsidy reform plan, which was kicked off in December 2010.

It is projected that by stabilizing the subsidy reform plan, inflation in the Islamic Republic will down 10 percent in 2012 in comparison to 2011, reaching to 12.5 percent by end of 2012.

The decreasing trend will continue in 2013 and the inflation rate will drop to the unprecedented record of 7 percent.

According to the report, the growth forecast for the country in 2011 is around 2.5 percent, which will increase to 3.4 percent in 2012.

While governments of the region recently have been under pressure to increase current spending - to support both increased social spending and commodity subsidies - the Islamic Republic of Iran is an exception for implementing the subsidy reform plan, the report added.

The IMF forecasts growth in oil-exporting countries of the Middle East and North Africa region, including Iran, to reach five percent this year and drop slightly to about four percent in 2012, as uncertainty over the global economy prevails.

Oil importers, mainly those hit by a wave of pro-democracy uprisings over the past months, will continue to have a subdued outlook, the IMF said. It put overall growth forecast for this category at 1.4 percent this year, down from 4.5 percent in 2010.

"Activity in a few economies will be constrained by domestic social unrest and an associated slow recovery in tourism receipts and remittances," it said.

The IMF expected, however, growth for oil-importing countries to increase to 2.5 percent next year, "underpinned by a slow recovery in investment."

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