Yuval Steinitz Photo: Hadas Parush
Steinitz: Iranian Economy 18 Months Away From Collapse -- Jerusalem Post
Sanctions have cost about $100 billion damage to Tehran's economy, inflation is currently running at 40% a year.
The Iranian economy is 18 months away from collapse, Intelligence Minister Yuval Steinitz said Monday.
Steinitz, speaking at a conference at the Begin-Sadat Center for Strategic Studies, said that over the last 18-24 months the international sanctions have caused about $100 billion in damage to the country’s economy, which has an annual $450 billion GDP.
In addition, he said, inflation in Iran is currently running at 40 percent a year, and the unemployment rate is between 25%-30%, with the rate among youth at about 40%.
The rial, Iran’s currency, has been devalued by 180%, and the country has a negative economic growth of 5.4%.
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My Comment: Iran's inflation rate of 40% is incredibly damaging .... and with the added problem of selling it's oil .... Iran's economy and it's government is going to be faced with some hard choices. My prediction .... Iran will survive but their standard of living will continue it's downward spiral.
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