‘Iran’s economy is closer than ever to collapse,’ says expert

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Title : ‘Iran’s economy is closer than ever to collapse,’ says expert
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After a period of stagnation, the US and Iran have in recent weeks embarked on negotiations for a mutual return to compliance with the Iran nuclear deal – the Joint Comprehensive Plan of Action (JCPOA). Until now, Iran has played hardball, demanding that the US move first and fully lift the sanctions it had placed on business with the Islamic Republic. But Iran may not have the economic fortitude that would allow it to sustain its stubbornness and economically survive under sanctions.In 2018, then-US President Donald Trump acted in accordance with his harsh criticism of the JCPOA and withdrew from the agreement unilaterally. He then reimposed strict economic sanctions on Iran. Importantly, these included secondary sanctions, which prohibited American companies from dealing with non-Iranian entities that had economic dealings with Iran.

The JCPOA is a multilateral agreement signed under former President Barack Obama in 2015. The agreement, with Iran on the one side, and the US, European allies, China and Russia on the other, set limitations on the Iranian nuclear program, also arranging for supervision. In return, economic sanctions formerly placed on Iran were lifted.

President Joe Biden famously promised, as part of his election campaign, to return to the Iran nuclear deal. In a CNN op-ed, Biden called Trump’s “maximum pressure” policy a “boon to the regime in Iran” that allowed the Islamic Republic to come closer to developing a nuclear bomb – which Tehran says it has no intention of building.

Indeed, experts are unanimous in their estimation that Iran has now made significant steps toward building a bomb. Following the American withdrawal and reimposition of sanctions, the Islamic Republic has increasingly violated its obligations under the JCPOA, enriching uranium beyond the agreement’s limitations, for example.

However, while the sanctions have failed to deter the Iranian regime from pursuing its nuclear ambitions, they have dealt a heavy blow to the country’s economy. “I believe that Iran’s economy is closer to collapse than ever. Those people who believe that Iran’s ‘resistance economy’ has worked as it was resilient to crippling sanctions are right. But the stamina is now fading away,” Dr. Mahdi Ghodsi, an economist at the Vienna Institute for International Economic Studies and an expert on the Iranian economy, told The Media Line. READ MORE