Impact of COVID-19 on Iran Economy, Deviation, Research and Forecast 2019-2025

Iran's economy has been growing at a steady pace. In 2017, the country had a GDP of $447.7 billion and a population of around 80.6 million according to the World Bank. The economy of the country is characterized by the hydrocarbon sector, agriculture and services sector, and a considerable presence of the state in manufacturing and financial services.

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Moreover, as per the aforementioned organization, Iran is ranked second in natural gas reserves and fourth in the proven crude oil reserves globally as of 2017. However, the economy of the nation remains volatile as its economic activity and government revenues still depend on oil revenue to a very much extent. Moreover, the recent outbreak of coronavirus (COVID-19), originating from China, has put a threat to the macroeconomic stability of the country.

The report analyzes the impact of COVID-19 on the Iran economy and major verticals across the countries of the region. Major verticals that contribute significantly towards the economy of the country include oil industry, chemical, pharmaceutical, automobile, and others. The oil industry is one of the industries that primarily contribute to the building blocks of the nation's economy.

The industry is volatile and is severely hampered by the sanctions put by the US government on the Iranian government in 2020. These sanctions prevent Iran to sell its oil in the international market. Moreover, amid this, Iran is facing several challenges regarding the rapid spread of COVID-19 and expects its economy to crash. While the epidemic has caused a negative impact on the oil production capacity of several economies, Iran saw no or little effect on its oil production. On 4th March 2020, Iran's Ministry of Petroleum announced that the outbreak of COVID-19 in the country has not affected Iran's oil and gas production.

Following the spread of the COVID-19 epidemic in the country, the government is already being criticized for not keeping the outbreak situation transparent. The government is still looking for solutions to deal with this pandemic spread without getting its economy affected. Recently at the end of March 2020, the country has shut downed all businesses except essential ones and also banned movement between cities in order to slow the spread of the pandemic in the country.

This is expected to hamper the operation of businesses, thereby, posing a considerable negative impact on the country's economy. The report also studies some of the companies that are operating and contributing towards the economy of the country. Some of these companies include DarouPakhsh Pharmaceutical Manufacturing Co., Esfahan Steel Co., Iran Dairy Industries Co., Iran Khodro Industrial Group, National Iranian Oil Co., National Petrochemical Co., and others.

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Major Verticals Affected
o Oil Industry
o Chemical
o Pharmaceutical
o Automobile
o Others (Food Processing)

Company
o DarouPakhsh Pharmaceutical Manufacturing Co.
o Esfahan Steel Co.
o Iran Dairy Industries Co.
o Iran Khodro Industrial Group
o Khouzestan Steel Co.
o MAPNA Group
o Mobarakeh Steel Co.
o National Iranian Copper Industries Co. (NICICO)
o National Iranian Oil Co.
o National Petrochemical Co.
o SAIPA Group

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