As Iran prepares to vote, its battered economy a major worry
- 3 years ago
As Iran prepares to vote, its battered economy a major worry
Almost six years ago, Iranians poured into the streets to celebrate Tehran’s nuclear deal with world powers. They saw it as a chance for the Islamic Republic to re-enter the world economy and create opportunities like purchasing airplanes and selling its oil on the international market.
Today, that dream has faded into a daily grinding nightmare of high inflation, an ever-weakening national currency and high unemployment worsened by the coronavirus pandemic.
The West considers Iran’s nuclear program and Mideast tensions as the most important issues facing Tehran, but those living in the Islamic Republic repeatedly point to the economy as the major issue facing it ahead of its June 18 presidential election.
Iran’s economic freefall accelerated when then-President Donald Trump in 2018 unilaterally withdrew America from Tehran’s nuclear deal with world powers. That saw crushing sanctions target Iran, hurting its already ailing economy.
The weakening of the rial has seen the value of the money Iranians hold in the bank collapse, as well as the decimation of retiree benefits. The price of milk has risen by 90%, while the cost of imported foreign goods like mobile phones and electronics has skyrocketed.
It’s not immediately clear how the next Iranian president will handle the economy, particularly if hard-liners take over and if Tehran doesn’t reach an agreement on returning to the nuclear deal, which limits its atomic program and restores sanctions relief.
Photos by AP
Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe
Visit our website at https://www.manilatimes.net
Follow us:
Facebook - https://tmt.ph/facebook
Instagram - https://tmt.ph/instagram
Twitter - https://tmt.ph/twitter
DailyMotion - https://tmt.ph/dailymotion
Subscribe to our Digital Edition - https://tmt.ph/digital
Check out our Podcasts:
Spotify - https://tmt.ph/spotify
Apple Podcasts - https://tmt.ph/applepodcasts
Amazon Music - https://tmt.ph/amazonmusic
Deezer: https://tmt.ph/deezer
Stitcher: https://tmt.ph/stitcher
Tune In: https://tmt.ph/tunein
Soundcloud: https://tmt.ph/soundcloud
#TheManilaTimes
Almost six years ago, Iranians poured into the streets to celebrate Tehran’s nuclear deal with world powers. They saw it as a chance for the Islamic Republic to re-enter the world economy and create opportunities like purchasing airplanes and selling its oil on the international market.
Today, that dream has faded into a daily grinding nightmare of high inflation, an ever-weakening national currency and high unemployment worsened by the coronavirus pandemic.
The West considers Iran’s nuclear program and Mideast tensions as the most important issues facing Tehran, but those living in the Islamic Republic repeatedly point to the economy as the major issue facing it ahead of its June 18 presidential election.
Iran’s economic freefall accelerated when then-President Donald Trump in 2018 unilaterally withdrew America from Tehran’s nuclear deal with world powers. That saw crushing sanctions target Iran, hurting its already ailing economy.
The weakening of the rial has seen the value of the money Iranians hold in the bank collapse, as well as the decimation of retiree benefits. The price of milk has risen by 90%, while the cost of imported foreign goods like mobile phones and electronics has skyrocketed.
It’s not immediately clear how the next Iranian president will handle the economy, particularly if hard-liners take over and if Tehran doesn’t reach an agreement on returning to the nuclear deal, which limits its atomic program and restores sanctions relief.
Photos by AP
Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe
Visit our website at https://www.manilatimes.net
Follow us:
Facebook - https://tmt.ph/facebook
Instagram - https://tmt.ph/instagram
Twitter - https://tmt.ph/twitter
DailyMotion - https://tmt.ph/dailymotion
Subscribe to our Digital Edition - https://tmt.ph/digital
Check out our Podcasts:
Spotify - https://tmt.ph/spotify
Apple Podcasts - https://tmt.ph/applepodcasts
Amazon Music - https://tmt.ph/amazonmusic
Deezer: https://tmt.ph/deezer
Stitcher: https://tmt.ph/stitcher
Tune In: https://tmt.ph/tunein
Soundcloud: https://tmt.ph/soundcloud
#TheManilaTimes