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Iran’s economy in meltdown as sanctions loom

SAMAA | - Posted: Sep 20, 2018 | Last Updated: 2 years ago
Posted: Sep 20, 2018 | Last Updated: 2 years ago
Iran’s economy in meltdown as sanctions loom

Inflation is 60% and 10m people out of jobs

Experts are warning that the economy of Iran is in such bad shape that the current regime cannot survive.

There are only six weeks to go before the second slew of sanctions will be introduced against the country.

Protests and strikes began in December and have spread across the country, reports the UPI wire service.

People have been unable to afford food and basics. Wages have not been paid. Inflation will reach 60 percent this year, its central bank has said. The Iranian rial has hit a record low against the dollar.

The country’s active work force is 26 million, of whom at least 10 million are jobless. “Youth unemployment is at a staggering 40 percent. Many university graduates are unable to find a job.”
Even Afghan migrants who sought refuge in Iran have been forced to return, he writes. At least 33 percent of the population lives absolute poverty.

Last week the US said that it would impose sanctions on Mahan Air and the airline’s supporters. It believes it has been involved transporting weapons and personnel to Syria to support Bashar al-Assad.

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