In 2016, Iran was on the rise economically, but since 2018, United States sanctions have sent the Middle Eastern nation in a downward spiral. The sanctions had previously been lifted under the 2015 nuclear deal between the two countries.AdvertisementNow, experts predict that Iran will face a shrinking economy, ballooning inflation, and a significant budget deficit.
As Iran looks to the future, it's relying on trade partners other than the US in hopes to get its economy back on track.
Here are eight surprising facts about Iran's economy.
Iran's economy is roughly the size of Maryland's
Iran's economy shrank 3.9% last year, and it's expected to shrink another 6% this year
Iran's annual inflation rate could hit 50%, bringing it into the realm of hyperinflation
Unemployment could top 16%
Iran would need current oil prices to more than double in order to balance its budget
An estimated 22 million liters of gas are smuggled out of Iran daily
China accounts for more of Iran's economy than all of Europe combined
The cost of poultry and red meat in Iran has jumped 57% since last year.