When did Iran become the largest Economy amongst Muslim nations? (Nominal wise)

[Cancerous Tumor]

And it's with less than 1 mbpd export of oil.​

Official: Iranian Gov't Restores 1mln bpd Oil Production​

2022-May-22 13:53​

 

[beijingwalker]

That's true to some point. But, the US still controls the defacto global currency. If anything, nominal GDP paints the real picture (and I say this knowing that my country drops 20 places in Nominal).

This is why I say US dollar based GDP is getting more and more unreliable

 

[KediKesenFare3]

You do realize that IMF is taking the official exchange rate (provided by the government) to calculate the nominal GDP of a country? This is the sole reason why Iran's GDP is artificially inflated. It doesn't reflect the reality.

It's basically fake:

IMF’s calculation says Iran’s nominal GDP, based on the low “official” USD rate (42,000) has almost doubled since 2017 and reached about $835 billion in 2020, but the World Bank says it declined from $445 billion in 2017 to $203 billion in 2020, based on the USD rate at Iran’s open currency market.

Considering the fivefold difference between official and open market currency rates in Iran, the huge gap between the two estimates is quite reasonable.

Iran’s GDP Growth Report - Much Ado About Nothing

A new report about the Iran's economic growth prospects for the current fiscal year, forecasts a 6.2% “real” GDP growth in the most optimistic, and 3.4% growth in a pessimistic scenario.

www.iranintl.com

 

[Cthulhu]

Q: When did Iran become the largest Economy amongst Muslim nations? (Nominal wise)

A: Under president Hassan Rouhani, The greatest Iranian president of all time .

 

[chinasun]

Iran's economy has also surpassed that of Indonesia under the toughest sanctions. Per capita is 12700 US dollars. There is no doubt that Iran is the largest economy in the Muslim world.



More than two-thirds of the population (74 million people) are under the age of 30. Net primary school enrollment is almost 100%, suggesting a secondary "demographic boom".[58][59]

Iran's national science budget in 2005 was about $900 million, roughly equivalent to the 1990 figure.[60] By early 2000, Iran allocated around 0.4% of its GDP to research and development, ranking the country behind the world average of 1.4%.[61] In 2009 the ratio of research to GDP was 0.87% against the government's medium-term target of 2.5%.[62] Iran ranked first in scientific growth in the world in 2011 and 17th in science production in 2012.[citation needed]

Iran has a broad and diversified industrial base.[63] According to The Economist, Iran ranked 39th in a list of industrialized nations, producing $23 billion of industrial products in 2008.[64] Between 2008 and 2009 Iran moved to 28th from 69th place in annual industrial production growth because of its relative isolation from the 2008 international financial crisis.[65]

In the early 21st century, the service sector was the country's largest, followed by industry (mining and manufacturing) and agriculture. In 2008 GDP was estimated at $382.3 billion ($842 billion PPP), or $5,470 per capita ($12,800 PPP).[35]

Nominal GDP is projected to double in the next five years.[66] However, real GDP growth is expected to average 2.2% a year in 2012–16, insufficient to reduce the unemployment rate.[67] Furthermore, international sanctions have damaged the economy by reducing oil exports by half before recovering in 2016.[68][69] The Iranian rial lost more than half of its value in 2012, directing Iran at an import substitution industrialization and a resistive economy.[68][70][71] According to the International Monetary Fund, Iran is a "transition economy", i.e., changing from a planned to a market economy.[72]

The United Nations classifies Iran's economy as semi-developed.[73] In 2014, Iran ranked 83rd in the World Economic Forum's analysis of the global competitiveness of 144 countries.[74][75][76] Political, policy and currency stability are regarded as the most problematic factors in doing business in Iran. Difficulty in accessing financing is also a major concern, especially for small and medium enterprises. Most of Iran's financial resources are directed at trading, smuggling and speculation instead of production and manufacturing.[citation needed] According to Goldman Sachs, Iran has the potential to become one of the world's largest economies in the 21st century.[77][78] Iranian President Hassan Rouhani stated, in 2014, that the country has the potential to become one of the ten largest economies within the next 30 years.[79]

One major problem often cited by Iranian industrialists is that the government is not supporting them by authorizing imports of similar parts or products into the country, thus undermining their activity and domestic market. This is partly due to corrupt interests inside the government and mismanagement.[citation needed]

Economy of Iran - Wikipedia

en.m.wikipedia.org

Iran has great potential, and it will be difficult for China to surpass Iran in per capita gdp in the next 20 years.
（Fifty years later, the assessment of the impact of Iran's gradual religious reform may shock today's so-called elite of Islamic intell）

 

[KediKesenFare3]

Iran's economy has also surpassed that of Indonesia under the toughest sanctions. Per capita is 12700 US dollars. There is no doubt that Iran is the largest economy in the Muslim world.

I just googled this:

Iran's GDP growth from last quarter 2018 to the latest available data.

The only nation that rises from the ashes by posting a negative GDP growth rate.

 

[zartosht]

You do realize that IMF is taking the official exchange rate (provided by the government) to calculate the nominal GDP of a country? This is the sole reason why Iran's GDP is artificially inflated. It doesn't reflect the reality.

It's basically fake:

IMF’s calculation says Iran’s nominal GDP, based on the low “official” USD rate (42,000) has almost doubled since 2017 and reached about $835 billion in 2020, but the World Bank says it declined from $445 billion in 2017 to $203 billion in 2020, based on the USD rate at Iran’s open currency market.

Considering the fivefold difference between official and open market currency rates in Iran, the huge gap between the two estimates is quite reasonable.

Iran’s GDP Growth Report - Much Ado About Nothing

A new report about the Iran's economic growth prospects for the current fiscal year, forecasts a 6.2% “real” GDP growth in the most optimistic, and 3.4% growth in a pessimistic scenario.

www.iranintl.com

Iran is not only the biggest economy, but has the most natural resources. More then sauds when you combine oil/gas Usually ranked between 2-4th on the world with around 30 trillion dollars worth of natural resources.

This is a product every single human on earth needs daily (as the west sanctions stronk team is finding out the hard way)

ALL this with the heaviest sanctions regime imposed on any country on earth during that period.

Turkey is drowning in inflation, and their economy is extremely fragile. Constantly relying on naked tourists from around the world, and producing relatively low tech exports that can EASILY be replaced by many different countries. Indonesia is slightly better off, but resources poor, and producing nothing that cant be easily replaced.

Iran also has almost no government debt.

If Iran had the geopolitical status of Turkey/Indonesia/saudi arabia. Its would have living standards on par with Europe.

No amount of turkey delusions or jealousy will change this fact. You are an ant infront of Iran economically.

 

[KediKesenFare3]

Iran is not only the biggest economy, but has the most natural resources. More then sauds when you combine oil/gas Usually ranked between 2-4th on the world with around 30 trillion dollars worth of natural resources.

This is a product every single human on earth needs daily (as the west sanctions stronk team is finding out the hard way)

ALL this with the heaviest sanctions regime imposed on any country on earth during that period.

Turkey is drowning in inflation, and their economy is extremely fragile. Constantly relying on naked tourists from around the world, and producing relatively low tech exports that can EASILY be replaced by many different countries. Indonesia is slightly better off, but resources poor, and producing nothing that cant be easily replaced.

Iran also has almost no government debt.

If Iran had the geopolitical status of Turkey/Indonesia/saudi arabia. Its would have living standards on par with Europe.

No amount of turkey delusions or jealousy will change this fact. You are an ant infront of Iran economically.

According to IMF’s Middle East and Central Asia economic outlook report, Iranian government’s net debt equaled to 41.5% of nominal GDP or $591 billion (based on official USD rate at 42,000 rials) in 2021. It was only $45 billion during 2000-2018 on average, or 11.8% of nominal GDP. The figure reached $214 billion in 2019 and increased to $351 billion in 2020.

IMF Says Iranian Government Debt Has Soared Since 2018

Iranian government debts have soared since 2018, when the US imposed tough sanctions on the Islamic Republic, International Monetary Fund’s figures show.

www.iranintl.com

 

[zartosht]

According to IMF’s Middle East and Central Asia economic outlook report, Iranian government’s net debt equaled to 41.5% of nominal GDP or $591 billion (based on official USD rate at 42,000 rials) in 2021. It was only $45 billion during 2000-2018 on average, or 11.8% of nominal GDP. The figure reached $214 billion in 2019 and increased to $351 billion in 2020.

IMF Says Iranian Government Debt Has Soared Since 2018

Iranian government debts have soared since 2018, when the US imposed tough sanctions on the Islamic Republic, International Monetary Fund’s figures show.

www.iranintl.com

Not only is it low, But its in many ways comparable to Japanese debt. Most of it is internal debt

External debt which can enslave/bankrupt a nation is around 10billion. virtually nothing when you compare it to Revenue sources, national wealth, and GDP

Iran External Debt, 1994 – 2023 | CEIC Data

Iran External Debt reached 6.3 USD bn in Mar 2023, compared with 8.7 USD bn in the previous year. Iran External Debt: USD mn data is updated yearly, available from Mar 1994 to Mar 2023.

www.ceicdata.com

Turkeys is around 500 billion if im not mistaken? with a devalueing currency and no commodities to back up anything...

Turkey Total Gross External Debt - 2022 Data - 2023 Forecast - 1989-2021 Historical

External Debt in Turkey decreased to 441064 USD Million in the fourth quarter of 2021 from 453463 USD Million in the third quarter of 2021. External Debt in Turkey averaged 224255.86 USD Million from 1989 until 2021, reaching an all time high of 467672 USD Million in the first quarter of 2018...

tradingeconomics.com

big difference between 10 billion and 500 billion.

 

[dbc]

I bet this is another Indian editor who edit this Wiki page about Nominal GDP figure of each nation. Since 2021 this page has 2020,2021, and 2022 data where for 2021 and 2022 are all projection.

GDP nominal figure should be based on previous year, under real figure, not projection as this page suggested, at least they should show 2021 real figure

it's based on IMF estimates for 2022 however Iran's oil exports to China have dropped from 900,000 barrels per day to 250,000 bpd since the start of the Ukraine conflict, with China switching to cheaper Russian oil. You are right OP's figures are hilariously out of touch with ground realities.

https://www.washingtonpost.com/opinions/2022/05/19/iran-protest-food-prices-rage-despair/

Price protests turn political in Iran as rallies spread

Spreading protests across Iran over a cut in state subsidies on food have turned political with slogans calling for top leaders to step down, according to posts on social media, and unconfirmed reports said at least four protesters were killed.

www.reuters.com

LONDON, May 19 (Reuters) - Iran's crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. More Russian oil going east squeezes Iranian crude sales to China Iran's crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. www.reuters.com

 

[Indos]

it's based on IMF estimates for 2022 however Iran's oil exports to China have dropped from 900,000 barrels per day to 250,000 bpd since the start of the Ukraine conflict, with China switching to cheaper Russian oil. You are right OP's figures are hilariously out of touch with ground realities.

https://www.washingtonpost.com/opinions/2022/05/19/iran-protest-food-prices-rage-despair/

Price protests turn political in Iran as rallies spread

Spreading protests across Iran over a cut in state subsidies on food have turned political with slogans calling for top leaders to step down, according to posts on social media, and unconfirmed reports said at least four protesters were killed.

www.reuters.com

LONDON, May 19 (Reuters) - Iran's crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. More Russian oil going east squeezes Iranian crude sales to China Iran's crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. www.reuters.com

I know it is IMF estimate, but they should show real figure in 2021, why they put only estimate as estimate can go wrong ???? The same thing I see last year with 2021 estimate

 

[Nike]

Iran is not only the biggest economy, but has the most natural resources. More then sauds when you combine oil/gas Usually ranked between 2-4th on the world with around 30 trillion dollars worth of natural resources.

This is a product every single human on earth needs daily (as the west sanctions stronk team is finding out the hard way)

ALL this with the heaviest sanctions regime imposed on any country on earth during that period.

Turkey is drowning in inflation, and their economy is extremely fragile. Constantly relying on naked tourists from around the world, and producing relatively low tech exports that can EASILY be replaced by many different countries. Indonesia is slightly better off, but resources poor, and producing nothing that cant be easily replaced.

Iran also has almost no government debt.

If Iran had the geopolitical status of Turkey/Indonesia/saudi arabia. Its would have living standards on par with Europe.

No amount of turkey delusions or jealousy will change this fact. You are an ant infront of Iran economically.

Just left my laugh here

 

[Beny Karachun]

Nominal GDP is useless

 

[mohsen]

it's based on IMF estimates for 2022 however Iran's oil exports to China have dropped from 900,000 barrels per day to 250,000 bpd since the start of the Ukraine conflict, with China switching to cheaper Russian oil. You are right OP's figures are hilariously out of touch with ground realities.

https://www.washingtonpost.com/opinions/2022/05/19/iran-protest-food-prices-rage-despair/

Price protests turn political in Iran as rallies spread

Spreading protests across Iran over a cut in state subsidies on food have turned political with slogans calling for top leaders to step down, according to posts on social media, and unconfirmed reports said at least four protesters were killed.

www.reuters.com

LONDON, May 19 (Reuters) - Iran's crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. More Russian oil going east squeezes Iranian crude sales to China Iran's crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. www.reuters.com

To bypass US sanctions, Iran hides lots of its export data (specially petro products) , so all the statistics are questionable.

 

[nufix]

Iran is not only the biggest economy, but has the most natural resources. More then sauds when you combine oil/gas Usually ranked between 2-4th on the world with around 30 trillion dollars worth of natural resources.

This is a product every single human on earth needs daily (as the west sanctions stronk team is finding out the hard way)

ALL this with the heaviest sanctions regime imposed on any country on earth during that period.

Turkey is drowning in inflation, and their economy is extremely fragile. Constantly relying on naked tourists from around the world, and producing relatively low tech exports that can EASILY be replaced by many different countries. Indonesia is slightly better off, but resources poor, and producing nothing that cant be easily replaced.

Iran also has almost no government debt.

If Iran had the geopolitical status of Turkey/Indonesia/saudi arabia. Its would have living standards on par with Europe.

No amount of turkey delusions or jealousy will change this fact. You are an ant infront of Iran economically.

Except the calculation is based on the official exchange rate of the Iranian rial. Much like Sri Lanka before crisis, Iranian rial has multiple exchange rates which are detached from each other. As the table shows, IRR's official exchange rate has basically detached itself from market reality since 2010. Current figure is basically 6.5 time higher in the market. So if Iran's GDP is USD 1.7 trillion based on the official exchange rate, Iran's GDP is about USD 260 billions based on the free rate. This number is close to Iran's historical GDP growth from previous

The official figure is dangerous though since you are basically manipulating yourself because nobody in the market would exchange 1 USD for only 42000 IRR, they want to get 273000 IRR. If Saudi Arabia, Turkey and Indonesia are doing what Iran is doing, that would put their GDPs to USD 6.5 trillion, USD 4.5 trillion, and USD 8.5 trillion respectively by 2022. That would put us above Japan it seems, why arent we doing that @Indos?