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Concept
Economy of Iran
Summary
Iran is a mixed economy with a large public sector. It is the world's 21st largest by purchasing power parity (PPP). Some 60% of Iran's economy is centrally planned. It is dominated by oil and gas production, although over 40 industries are directly involved in the Tehran Stock Exchange. The stock exchange has been one of the best performing exchanges in the world over the past decade. With 10% of the world's proven oil reserves and 15% of its gas reserves, Iran is considered an "energy superpower".
A unique feature of Iran's economy is the presence of large religious foundations called bonyads, whose combined budgets represent more than 30 percent of central government spending.
Price controls and subsidies, particularly on food and energy, are heavily prominent in the economy. Contraband, administrative controls, widespread corruption, and other restrictive factors undermine private sector-led growth. The government's 20-year vision (as of 2020), involves market-based reforms reflected in the government's, with a five year development plan (FY 2016 to FY 2021) focusing on "a resilient economy" and "progress in science and technology". Most of the country's exports are oil and gas, accounting for a majority of government revenue in 2010. However in March 2022, the Iranian parliament under new president Ebrahim Raisi decided to eliminate a major subsidy for importing food, medicines and animal feed, valued at $15 billion in FY2021. Also in March 2022, 20 billion tons of basic goods exports from Russia including vegetable oil, wheat, barley and corn were agreed.
Iran's educated population, high human development, constrained economy and insufficient foreign and domestic investment prompted an increasing number of Iranians to seek overseas employment, resulting in a significant "brain drain". However, in 2015, Iran and the P5+1 reached a deal on the nuclear program which removed most international sanctions.
Official source
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