Plea for Competitive Economy
Economy, Business And Markets

Plea for Competitive Economy

Creating a competitive economy based on the free market will lead to decent growth rates and sustainable development, Abbas Akhundi, the minister of roads and urban development said Sunday.
He censured successive governments in Tehran for their long and unhelpful interference in the economy and price regulations claiming that the needless government role and ubiquitous presence in the economy has resulted in endless woes.
"Socialist leanings and left-wing ideologies are to blame for the underdeveloped domestic economy," he was quoted as saying by IRNA.
The minister, however, said a pattern to counter the leftist ideology is visible in the economic policies in recent years and a complete shift to the free market is yet a far cry.           

“The country should shift to a free market economy utilizing market mechanisms and potentials to be able to grow and develop.” Akhundi told a meeting of the representatives of private sector at the Iran Chamber of Commerce.
Pointing to the structural problems of the domestic economy, he said lack of  openness and transparency are the biggest obstacles to a functioning economy. “Lack of transparency is apparently fertile ground for rent-seeking and the speculative activities of those more interested in personal gain than the public good.”
Akhundi pointed to the alarming situation in Iran’s banking sector saying that the mountain of bad loans is in the region of 1.2 quadrillion rials ($39.7 billion) which is 12% of the GDP. He said with these soured loans aiming for 8% growth rates is indeed an exercise in futility.
“Our banking industry is in dire need of structural reforms. The mountain of banks’ non-performing loans and government debts to banks has hurled the economy into recession.” 

Short URL : http://goo.gl/N5TyBo
  1. http://goo.gl/FuQOTt
  • http://goo.gl/70Z6uo

You can also read ...

US Pressuring German Firms ‘Daily’ Over Iran Sanctions
Washington’s ambassador in Berlin has been pressuring German...
Iran and the Eurasian Economic Union signed a three-year provisional agreement on May 17 for the bloc to welcome Iran into the EEU Free Trade Zone.
The Eurasian Economic Commission Council approved the roadmap...
India in Touch With All Stakeholders on Iran Sanctions
Following fresh US sanctions on Iran over its nuclear program...
Google Defends Gmail Data Privacy Policy
Alphabet Inc’s Google gave details about its policies for...
Arrest Over Afghan Forex Smuggling
A man has been arrested for smuggling $38,000 from Afghanistan...
Copper Concentrate Output Sees 12% Growth
Major Iranian copper producers produced 488,859 tons of copper...
Crypto Trading Continues to Decline Since CBI Ban
Cryptocurrency transactions in Iran have significantly...
IRICA: Gold, Forex Imports Not Smuggling
The import of foreign currency does not amount to smuggling...