Mohammadbagher Nobakht

Iran’s rate of economic growth is at minus two percent, according to the Iranian president’s Deputy of Strategic Planning and Control.

The Mehr News Agency reports that Mohammad Baqer Nobakht said that in 2011 the economy was growing by three percent but last year it shrank by 5.8 percent, and the latest reports indicate that the economy is shrinking by 2 percent.

“Despite 700 billion dollars in resource revenues in the past eight years, we are seeing the economy shrink,” Nobakht said.

While Nobakht recognized the effect of international sanctions, he stressed the importance of domestic economic policies to stimulate growth.