Economy of Iran

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The economy of Iran is the eighteenth largest economy in the world by purchasing power parity (PPP).[1][16] It is a transition economy with a large public sector and an estimated 50% of the economy centrally planned.[17][18] Exports are dominated by oil and gas (80%) and constituted 60% of the government revenue in 2010.[12][19][20] A unique feature of Iran's economy is the large size of the religious foundations whose combined budgets make up more than 30% that of the central government.[18][21][22] Iran is one of the few major economies that has kept a positive growth, despite the 2008 global financial crisis and the international sanctions relating to its nuclear program.[23] [24][25]

Distortions resulting from a combination of price controls and subsidies, particularly on food and energy,[26][27] continues to weigh down the economy; and contraband, administrative controls, widespread corruption,[28][29] and other rigidities undermine the potential for private sector-led growth.[2][30] President Mahmoud Ahmadinejad has proposed replacing energy subsidies with targeted social assistance.[31][32] However, previous government-led efforts at reform – such as fuel rationing in July 2007 and the imposition of the value-added tax (VAT) in October 2008 – were met with stiff resistance and violent protests.[33][34] Iran ranks 69th out of 139 in Global Competitiveness Report.[35]

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