0426 GMT October 19, 2018
The WB said in its Global Economic Prospects report that Iran's economic growth is projected to reach four percent in 2018 and 4.3 percent in 2019, azernews.az reported.
In its previous report published in June 2017, the bank forecast that Iran's GDP will grow by 4.1 percent in 2018, and by 4.2 percent in 2019, which indicates that the WB has lowered Iran's GDP growth for 2017 by 0.1 percent.
In the meantime, the report has raised the country's economic growth forecast by 0.1 percent for 2019.
The bank further said that the growth in the Islamic Republic, the second largest economy in the region, is expected to reach 4.3 percent by 2020, with higher investment growth offset by lower oil production and limited access to financing.
Iran's GDP growth fell to -6.6 percent in 2012 under the pressure of the intensified Western sanctions against Tehran due to its peaceful nuclear program.
The growth stood at -1.3 percent in 2015, the last year of Iran under the sanctions, and then surged to 13.4 percent in 2016, however it dropped again to 3.6 percent in 2017, according to the WB.