Iran's Struggle for Economic Independence: Reform and Counter-Reform in the Post-Revolutionary Era by Evaleila Pesaran

Author:Evaleila Pesaran [Pesaran, Evaleila]
Language: eng
Format: epub
Tags: Public Policy, Investments & Securities, Economic Conditions, Economics, Middle Eastern, Social Science, Political Science, World, Business & Economics, Economic Policy, General, Regional Studies
ISBN: 9781136735578
Google: gZMTDGajvu0C
Goodreads: 17551021
Publisher: Routledge
Published: 2011-04-25T00:00:00+00:00

Recognizing the need for growth

Coming into office in 1997, Khatami's government had to face the harsh reality of an ailing economy. Specifically, the various economic problems from which the country was suffering at this time were overshadowed by falling oil revenues. As can be seen in Table 5.1, crude oil prices dropped significantly in 1998, caused largely by the shocks of the Asian currency crisis and the Russian debt crisis. Given that oil production also dropped at this time, the revenues acquired by the Khatami administration from the sale of this important resource were insufficient to deal effectively with the various challenges created by the existence of a serious budget deficit, rising unemployment alongside a growing population, a weakening currency, and a flight of capital investment.8

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