IMF sees 2.5% of economic growth for Iran in 2011

The International Monetary Fund (IMF) in its latest report predicted an economic growth of 2.5% for Iran in 2011.The average growth of 40 countries in the Middle-East and Central Asia would however reach 3.9%. Oil rich countries in the region would top even a higher growth rate of 4.9%, the IMF predicted. IMF believes that Iran's low growth rate in 2011 was due to economic reform and elimination of subsidies paid heavily on different energy carriers and the country would achieve 3.4% growth rate in 2012. Based on the report Iran's GDP in 2010 was $407bln which will increase by $68bln reaching $475bln in the current year. Crude output will remain in this year unchanged and at 3.6 m bpd comparing to 2010. Another crucial data in the report was the foreign currency reserves of Iran indicated by $78.9bln in 2010 which would top $105bln in 2011, showing an increase of about $26bln. IMF also said that the current inflation rate of 22.5% will fall to 12.5% in the next year.