Domestic Economy

“Definite Exit” From Recession Next Year

“Definite Exit” From Recession Next Year “Definite Exit” From Recession Next Year

The Iranian economy will "definitely exit recession next year and we will experience an unprecedented growth", Economy Minister Ali Tayyebnia said on Sunday.

Tayyebnia shared his thoughts on the economy during a visit to the Securities and Exchange Organization.

"The rial has strengthened in the past year, as inflation has outpaced the drop in rial's exchange rates. Foreign exchange and gold cannot be suitable choices for investment, as their return is below the inflation rate," he was quoted as saying by IRNA.

Mohammad Fetanatfard, the head of SEO, said Tehran Stock Exchange's benchmark index has gained 24% since January 5, saying "although the capital market has seen some volatility in recent days, its outlook remains positive."

With the start of January, TSE pulled away from two-year lows, as optimism about Iran's future due to the lifting of sanctions increased bullish bets. However, corporate earnings are at record lows and most listed companies, especially banks, are in deep financial trouble due to years of economic crisis.

Any mismanagement of the economy could upend the rally with ease, though the government has usually tampered with trading to cushion market downturns.