Iran’s economy is characterized by its hydrocarbon, agricultural, and service sectors, as well as a noticeable state presence in the manufacturing and financial services. Iran ranks second in the world for natural gas reserves and fourth in proven crude oil reserves. While its economic base is relatively diversified for an oil exporting country, economic activity and government revenues still rely on oil revenues and have, therefore, been volatile.
High inflation, increased gasoline prices in 2019, economic slowdown, and the economic shock caused by COVID-19 have given rise to concerns about household welfare and poverty. In the short-term, the fall in labor market incomes alone may lead to a 7-percentage point increase in poverty World Bank, 2020).
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