'Iran to notch up highest growth in 2015'

A Goldman Sachs report on global economics indicates that Iran is forecast to reach the highest economic growth between 2015 and 2025 and join the world's largest economies.

The report titled "Global Economics Paper No: 153", issued by the Goldman Sachs Group, Inc. on March 28, 2007, says 11 emerging economies dubbed as "N-11" countries, including Bangladesh, Egypt, Indonesia, Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey, Vietnam and the Islamic Republic are expected to notch up striking economic growth rates between 2015 and 2025.

According to the US-based banking group, Iran has the strong possibility of becoming one of the world's largest economies in the 21st century, thanks to its relatively stable and steady economic rise, and a marked increase in the country's Gross Domestic Product (GDP), which is estimated to reach about $716 billion in 2025.

"Iran is another N-11 country, which likewise has significant potential…Iran has some attributes that would allow the country to advance much more easily than others," said the report, adding that Iran will have the potential to be the world's 12th economy by 2025.

The Goldman Sachs, which is an American investment banking and securities firm that engages in global investment banking, securities, and other financial services, introduced the N-11 grouping in late 2005 as part of comprehensive economic research on the countries that might have the kind of potential for global impact and could pose a challenge to G7 in size and economic growth.

The N-11s' weight in the global economy and global trade has been slowly increasing, with a contribution to global growth of around 9 percent over the last few years, the report added.

The report goes on to say that the Islamic Republic and Vietnam have the potential to become as rich as Germany today, and thus become an exciting prospect for foreign investors.

According to the report, the N-11 countries as a group of potentially large, fast-growing markets may not have the scale yet to be on a par with BRIC -- a grouping acronym that refers to the countries of Brazil, Russia, India and China -- but they could rival the G7 countries.

The World Bank on its report on global economy in 2010 predicted that Iran's economic growth will become double in 2011. Iran's economic growth will reach 3 percent in 2011, World Bank added.

On March 21, Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei named new Iranian calendar year (March 2011-2012) as "The Year of Economic Jihad."

Ayatollah Khamenei also called on Iranian officials and nation to make Jihad-like efforts in order to lay the ground for a decade of economic growth.

 

HA/MGH

o